Content adapted from this Zerohedge.com article : Source
Bitcoin dropped below the $8,000 level, erasing Friday's gains when it bounced off the "mystery buyer level".
There is speculation that the recent fall is attributed to the one handling the Mt. Gox bankruptcy and his unloading of close to $1.9B worth of bitcoin.
Today’s report is a transcript of a Q&A at the 10th Mt. Gox creditors’ meeting, which took place on March 7, 2018, about the selling of BTC and BCH by defunct exchange’s trustee Nobuaki Kobayashi.
The Japan-based Mt.Gox crypto exchange had been the largest in the world until a February 2014 hack led to the loss of around 850,000 BTC. The current sales of BTC and BCH by Kobayashi are part of an attempt to refund users who lost money in the hack.
An earlier report released March 7 to the Tokyo District Court had said that the BTC/BCH sales took place between the creditors’ meeting in September 2017 and the one on March 7. However the report released today clarifies that the sales took place between December 2017 and January 2018.
The March 7 report, which detailed the amount of Bitcoin and Bitcoin Cash sold by Kobayashi over this reported two month period, led many to believe that the large sell off is what led to the market crash after the new year.
Kobayashi noted that after consulting with cryptocurrency experts, he “sold BTC and BCC [BCH], not by an ordinary sale through the BTC/BCC [BCH] exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible.”
Kobayashi added a clarification about the transfers of BTC and BCH to different addresses, underlining that he did not necessarily sell BTC and BCH at the same time as these transfers:
“Please refrain from analyzing the correlation between the sale of BTC and BCC [BCH] by us and the market prices of BTC and BCC [BCH] based on the assumption that the sale was made at the time the BTC and BCC [BCH] were transferred from BTC/BCC [BCH] addresses that I manage, as such assumption is incorrect.”
Kobayashi's influence is a matter of great debate. Some believe earnestly that he is the "Toyko Whale" responsibile for the selloff. Others believe there are others who are behind it.
The trustee sold 160,000 bitcoins at a time determined after consulting the court.
This led to speculation on Reddit as to what the impact is. One poster had this to say:
“Large holders sold at a high price driving the price down on the back of FUD about the 'Tokyo Whale' about to dump 160k more Bitcoin because he's been recklessly selling using market orders. It all turned out to be complete b******* as I suspected. Someone else was dumping and manipulating in this way. Once you start an avalanche there's no way to control it.”
Non-adapted content found at zerohedge.com: Source
it doesnt matter the news we are just in a bear market no need for any other reason to go down
As always crypto markets (in this case, BTC) are very susceptible to speculation and we are watching again levels of FUD that are hurting all of the investors, this time the global market cap of crypto is already below 300B.
I must say that I never thought that NEO were going to be $50 again, how crazy is that, and how cheap!!
All these bad crypto news are very good news for anyone who is still waiting on the sidelines and wants to get in to crypto at even lower prices. With every bull market come good news just like with every bear market come bad news. This bear market will eventually comes to an end just like it did in the past. We have a great opportunity to buy at discounted prices.
Currently, the total value of bitcoin is about $39 billion.
Jeff Bezos · Net worth: $130.50 billion USD
making it that much more obvious how absurd it is that the financial elites are so concerned about investors.
The big money investors that are trying to stampede the herd bought in over 8000. Dont think they are going to let it crash below for long. Why are folks acting like crypto is over? The entire crytosphere is just cranking up with Eth getting ready for its next iteration, Monero starting to mature, Dash, EOS, etc. Nope, just stay in those fed notes, the government guarantees them. lol
Thanks I needed that
My account got stolen, but I got it back now. It was a phishing scam and i really hope you didnt fell for it like I foolishly did. Best regards!
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He might have affected the market on some level, but I don't think that he's responsible for driving the prices this low... It just doesn't make any sense.
Bitcoin is a huge discount at $6000.
Hey there, welcome to the platform! Cogratulations on your first post. If you want to trade follows maybe we can help grow the platform together. I'll be posting daily d.tube videos on the Crypto market here soon. Looking forward to seeing your future posts,
Mt Gox is doing a dump and dump.
Currently, the total value of bitcoin is about $39 billion.
Jeff Bezos · Net worth: $130.50 billion USD
Selling BTC and BCC in a manner that would not affect the market price!!!
Kobayashi has been in the trading business for many years not to know the effect of a high supply on prices. Clearly their is no procedure that would have been taken to avoid the effect of this massive sale.
Telling us the method of sale was approved by court... but who was even their in court to witness and protest this. He provided no notice to creditors of a proposal to sell the btc and bcc.
I believe the refunding of the customers would have been discussed and a better solution brought up instead of selling secretly.
are they manipulating the price of bitcoin by selling high and buying low?
This could be a good time to buy! well obviously there is definitely a short-term bearish sentiment but this type of information really shows the emotional side of human beings. If you're in it for the long-term, i'm sure that this just bump on the road but i'm starting to rely less on technical but more on sentimental & fundamental analysis
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he seems pretty upfront about what he is doing.
This account posts around 1,000 times per day, which creates real bandwidth problems. I talked specifically about this account in my intro post because bandwidth is a significant problem today.
Fair enough, keep up the good work.