Over the last few days Bitcoin has demonstrated a significant cost reduction. The entire market saw a trend: Ethereum, Bitcoin and Cash Ripple decreased on a similar trajectory.
Analysts have attributed the recent fall in the mass sale of almost 40,000 bitcoins Mt Manager.Gox, Nobuaki Kobayashi.
Tokyo cryptocurrency exchange Mt. Gox was established in 2010, and just four years later was responsible for more than 70% of all global transactions of Bitcoin. Unfortunately, in 2014 after the theft of approximately 850,000 bitcoins, the exchange has closed and filed for bankruptcy.
The problem today is that investors have still not returned their money. It was reported that, Nobuaki Kobayashi, the lawyer and the Manager of Mt.Gox over the past few months, since September last year, sold 35 841 34 008 bitcoins and Bitcoin Cash in the amount of more than $ 400 million.
Many in the industry blamed Kobayashi for this act, saying that this influx of cryptocurrency has caused strong volatility on the market in December and January, and are also influenced by the more recent price trends. Nobuaki, still holds about 166 000 bitcoins at the moment at a cost of over $1.5 billion.
However, there is good news: the next trial on the case of bankruptcy of the stock exchange is scheduled for 18 September 2018. Before this meeting, Kobayashi will not be able to withdraw the remaining 166 000 bitcoins on the open market. Traders are carefully watching this case, and if this proves true, it will have a positive impact on the price of Bitcoin.
The details of the transaction Kobayashi, published earlier this week indicate that the mass selling of bitcoin has become one of the main reasons for the decline in its prices in December and January 2017 and January 2018. The sale seems to be even more shocked the market already in a downtrend, caused by the repression of regulators, the hacking of exchanges and fraud.
When “unloading” a large amount of cryptocurrency, the seller should take a lower rate, which in turn leads to a rapid decline in prices. Some traders are carefully watching the market can be seen in that signal impending collapse and quickly sell your inventory, before it will fall even more. Is the snowball effect that could lead to the collapse of the market.
As noted above, many hope that within the next six months, the Kobayashi will not be able to sell a large number of bitcoins.
No matter what actions the teacher will undertake, I hope that the upcoming sales will be more transparent, will not cause FUD and related crises in the cryptocurrency market.