It was a Tokyo whale and another Mt.Goc bankruptcy trustee who sold almost $400 million United States Dollars of Bitcoin at the bottom on February 6th. And by doing so he crashed the market by 75% while selling the bitcoins in only a couple of rounds on the exchange.
It’s created a major headwind for Bitcoin in recent week. The Mt. Gox Trustee sold nearly half a Bitcoin and Bitcoin Cash between the days of December 2017 and February 2018. The news was only recently released today. The first batch of the six-thousand Bitcoin was sold on December 22nd and the sending prices was almost $16,000 – to a low $10,800. The trustee then waited for the market to recover before he sold another batch of nearly eight-thousand Bitcoin on January 17th. And again, that is producing the same effect as before – the actions have basically crashed the price of Bitcoin.
He’s not done yet however, he also did another sale on January 31st for almost another six-thousand Bitcoins. And a vast majority of the cryptocurrency was then sold on February 6th. The point is, that it’s apparent that he was attempting to crash the market entirely by simply selling at the bottom. And what was the result? The market absorbed the issue and jumped right back up to $10K.
The worrisome part is that the guy has almost another 180 BTC hidden somewhere we don’t know. And he’s likely looking to sell again on the upcoming period to repay the users or Mt.Gox and creditors who paid them back when they lost their Bitcoin.
This is the fourth time that Mt. Gox has played a role in crashing the price of Bitcoin’s price. The first time was back in 2011 when the exchange was hacked. And it then happened again with a DDos in 2013 and 2014 when the company went bankrupt. The final time being at the hands of their trustee who is performing these massive sell-offs at the perfect times to crash the price.
And, as stated before – the trustee has another 180K bitcoins up his sleeve that are going to create a similar crash when they are sold. If he does it in different batches, it will be the 5th and 6th times that Mt. Gox plays a part in knocking down the price of Bitcoin.
Even so, the cryptocurrency is showing remarkable resilience to the attempts of these entities to bring down the price with all the different sell offs they’re making. And once he’s done, it will once and for all close the book on Mt.Gox and the role it’s played in hurting the industry. Hopefully, once this is over the value will climb again, likely skyrocket and hit new highs as many people have predicted.