Bitcoin BULLS losing to Bears??!!

coinmarketcap

I'm pretty sure you'd notice the dip in Bitcoin price in the past 2 days or so. If you hadn't, just look at the price chart above, credits to Poloniex.

What's happening?

UPbit, Korea's Biggest Crypto Exchange Suspected for Fraud

It seems that 1 of the biggest reasons for the dump was due to the raid on South Korea's largest Crypto Exchange UPbit. If you don't believe me, Korea's Kim Chi premium is now on discount.

It is suspected of fraud for selling cryptocurrency that they do not actually have to their customers. Investigations are expected for the next few days, but as of now, it seems the Koreans have done their fair bit of dumping.

I'm not sure about you guys, but it seems to me that Korea is really trying to make Crypto happen by actually regulating the exchanges to prevent a load of horse crap at the end of the day, and this doesn't necessary mean that they are clamping down on cryptocurrencies again.

8,200 BTC Moved From Mt. Gox Wallet

When Mt. Gox moved the 8,200 BTC from their cold wallet, I guess it managed to grab the eyes of everyone eye-ing their cold wallets. People most probably started monitoring these cold wallets after it was uncovered that the Mt. Gox trustee, the guy who was meant to sell off the recovered bitcoin from the Mt. Gox disaster.

And Yes, his job is to sell off these bitcoin in to compensate those who had their bitcoins "stolen" at the time of the disaster and not cause a market crash. However, people being humans and their many fears, decided to plot the dump of the Mt. Gox coins with the market prices, and every time it seems to be a dump.

Here's one of their cold wallet addresses in which 2,000 BTC has been transferred out of the wallet.

Bitcoin address: 1439q4Na8v88kPBqoyg8F4ueL9SYr8ANWj

You can run it on any of the block explorers to see it for yourself. Do note there are still a bunch of other cold wallets in their possession as well.

Mt_Gox

Disclaimer

Please note that all opinions if any is simply my personal opinion. I'm not a market expert and don't claim to be one. Always do your own research and never invest more than you can afford to lose.