The mystery of Bitcoin’s fall is revealed!
🌋7th of March, a sensational report was published on the official website of MtGox exchange. According the given info, Noubaki Kobayashi, the trustee of MtGox, has sold sold $400 million in both Bitcoin and Bitcoin Cash since September 2017. 💬Kobayashi said that he has a further $1.9 billion worth of bitcoins to sell, but as the exchange owed creditors around $414 million after the bankruptcy, it’s unclear whether more will be sold.
Mark Karpelès, former CEO of MtGox, reported that all the currency was sold during the period from December, 2017 till February, 2018. That’s exactly the same time, when Bitcoin’s rate decreased by almost 70%.📈
MT Gox’s bitcoin addresses are well known as blockchain detectives spent months analyzing them. One such address shows 2,000 bitcoin held by the trustee were moved on December 18th. On that very day, bitcoin’s price stood at $19,000, briefly fell to $18,000, and then continued to fall in subsequent days:
▪️22th of December there were sold 6000 bitcoins.
▪️17th of January there were sold 8000 bitcoins.
▪️31th of January there were sold 6000 bitcoins.
▪️5th of February there were sold 6000 bitcoins. (
➡️The bitcoin sell-off therefore appears to have been specific to the coin as the sale of half a billion would have placed significant pressure on the price. Which means this is arguably the fourth time now that MT Gox crashes bitcoin. The first time was in 2011 when MT Gox was hacked out of some half a million bitcoins.
And some good news: the court prohibited Noubaki Kobayashi to sell the rest of his bitcoins till the end of September, 2018. And, for sure, this will have a positive effect on Bitcoin’s rate. Let the justice happen!