Mt. Gox’s Bitcoin Massive Sell-Off Has Again Got The Bitcoin Price Down Again

by | May 12, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Mt. Gox | Bitcoin sell off | Bitcoin | Bitcoin news | Mt. Gox News

Two weeks ago, we reported that Mt. Gox had moved 16000 BTC from their cold storage account to various accounts. The Mt. Gox’s account had moved 2000 BTC’s eight times to several accounts and just a few hours ago, it happened again.

Now Mt. Gox has again moved 8214 BTC from the cold storage account to an unidentified wallet. The wallet is not one of the Mt. Gox cold storage wallet. The BTCs were moved to the same wallet in different proportions. The BTC was transferred in four chunks with 2000 BTC being transferred three times and 2,214 BTC once. The dump in the market took place right after the transfer of the Bitcoin.

Considering that the Mt. Gox trustee was asked to sell over 200,000 bitcoins and convert it to Japanese yen by local financial authorities, it is evident that any external movement of the Mt. Gox trustee’s funds likely means that they are being sold on cryptocurrency exchanges.

The cryptocurrency market is very volatile, and movement of large sums even less than a billion dollars has the ability to impact the market and drastically affect asset prices.

Bitcoin, which had remained above the $9,000 level this month, dropped below $8,500 yesterday, hitting a three-week low. Its main rival Ethereum recorded about 12% decline, while other altcoins, such as Bitcoin Cash and Ripple, both fell by over 16%.

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