We all know what happened with Mt Gox and how the story finished. In the last days we have seen that the markets have been operating negatively. But what happened? Everything seemed so bullish, and suddenly, the upward trend stops. Well, one of the reasons may be related with Mt Gox’s trustee, which dumped over 17,000 bitcoins in the last days.
Apparently, 17,000 have been dumped by Mt. Gox trustee, something that may be related to the last correction in the market. Between Tuesday and Thursday Bitcoin lost $1,000 of its value, exactly when the markets were going up very smoothly.
According to Alistair Milne, an important investor and crypto analyst, Mt. Gox registered some important movements of money from their wallet.
— Alistair Milne (@alistairmilne) April 26, 2018
Of course it is not clear whether the funds were moved or just sold out on the market.
If Mt Gox sold an important amount of coins, then it could have generated a snowball pushing other investors to sell their Bitcoin as well.
This is not the first time that we hear that Mt Gox trustee is selling Bitcoins pushing the markets down. According to Nobuaki Kobayashi, lawyer and trustee of Mt Gox decided to sell over 35,000 BTC, and 34,000 BCH since September 2017.
Of course, there is not a perfect correlation between the dip in the market and the coins sold by the Mt. Gox trustee, but they can explain some part of the drop in Bitcoin prices.
It is also important to mark that the market usually follows bitcoin movements, that’s why the whole market was down. If Bitcoin goes down, then the other virtual currencies follow.
Markets Operating Positively
At the moment of writing this article, the cryptocurrency market is operating positively in general terms. At the moment, all the top 20 virtual currencies by market capitalization are registering gains, excluding OmiseGo.
In the top 100 coins just four cryptocurrencies are registering loses in the last 24 hours. We are talking about OmiseGo (OMG), Kyber Network (KNC), Kin (KIN), and Bitcoin pPrivate (BTCP).
Bitcoin (BTC) is being traded around $9200, Ethereum (ETH) $660, and Ripple (XRP) $0.843. All of these three currencies are registering similar gains in the last 24 hours, growing between 5.28 and 5.92 percent.
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Tags:bitcoinbitcoin priceBitcoin ValueCrypto MarketCryptocurrency Marketmarket analysisMarketsMt GoxMt Gox BitcoinMt Gox Trustee