• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Was Mt. Gox the Major Factor Behind Bitcoin’s $1,000 Drop

newsbtc by newsbtc
4 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

More frustrating news out of Japan. Just a day after FSA regulators stymied exchanges the ghost of Mt. Gox appears again, this time as a possible cause for the Bitcoin market drop from Dec. 2017.

Trustee Sales Linked to Bitcoin Price Drops

Information that Mt. Gox trustees have sold over half a billion worth of Bitcoin and Bitcoin Cash is blowing up on social media platforms across the net. Investors are correlating the sales to drops in the market price of Bitcoin on an instance by instance basis starting in December.

As the Mt. Gox addresses are well known it has been possible to track the sales as they have affected the market. On December,18 2,000 coins were sold by the trustees and Bitcoin dropped from $19,000 to $18,000 and then continued to fall after each sale.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the 22nd of the month, the Trust moved 6,000 coins and the market price plummeted from $16,000 to $10,8000. Then after giving the market some time to recover another sale on January 17 of 8,000 coins sent the market crashing again.

This pattern repeats until a final sale on February 5 of 18,000 coins sent Bitcoin price to it’s lowest point of $6,000 from which it has been slowly recovering from since.

Though the sales may not be wholly responsible for the price drops as the addresses are public and therefore probably watched by speculators the bulk sales could have incited others to follow thus flooding the market with coin causing the price to drop.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The brunt of the blame has landed on the shoulders of attorney Nobuaki Kobayashi who in his role as bankruptcy trustee for Mt. Gox has been liquidating the cryptocurrency to pay off creditors.

Alistair Milne a self-described Bitcoin evangelist has listed the addresses and sales on his twitter feed.

Want to know who was selling the bottom? 18k of MtGox's BTC transferred the day before we hit $6000 on Feb 6th pic.twitter.com/nluQpexhoM

— Alistair Milne (@alistairmilne) March 7, 2018

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Mt. Gox Hack Continues to Affect Market

The effects of Mt. Gox which suffered the largest cryptocurrency hack in history in 2011 losing roughly half a million Bitcoin continue to linger and seemingly negatively affect the market.

Launched in 2010 Mt. Gox quickly became the worlds largest exchange handling Bitcoin in the burgeoning market. As a result of the $450 million hack though it was forced into bankruptcy in 2014 taking a lot of peoples assets with it.

For most investors that lost money in the Mt. Gox collapse the fact that Mark Karpeles CEO of the exchange will get any proceeds left once creditors are paid off feels like insult after injury.

Kobayashi still has 1.9 billion in Bitcoin to liquidate and that is generating a mass of comments on platforms like Reddit and Twitter about future price drops to come.

Tags: bitcoinbitcoin investmentbitcoin tradingmt. gox
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Ethereum price

Ethereum Sends Red Signals, But Should You Worry About The Long Term?

10 mins ago
Bitcoin

USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?

1 hour ago
FLOW

FLOW Reclaims Green Turf After 7-Day Losing Streak

2 hours ago
Bitcoin Price

Bitcoin Price Short-Term Upswing In Peril As Bulls’ Aggression Dies Down

4 hours ago
bitcoin

Bitcoin Falls To Decisive Line At $21,500, What Levels Should BTC Hold?

5 hours ago
Ethereum (ETH) Dips Consecutively And Falls Below $1,800

Ethereum (ETH) Dips Consecutively And Falls Below $1,800

7 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

GryffinDAO May Rank As High As Bitcoin

August 19, 2022

Shiba Inu Is Gaining Momentum. Can Persystic Token Follow Its Footsteps?

August 19, 2022

Reviewing the Potential of Supontis Token Next Cryptocurrencies Like BNB and Chainlink

August 19, 2022

Near-term Profits With These Cryptos; Uniglo (GLO), Cosmos Hub (ATOM), And Pancakeswap (CAKE)

August 19, 2022

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.