Over the past few days, Bitcoin and the crypto-currency market as a whole have experienced a significant drop in value. Some analysts believe that the markets were in this situation due to the fact that the head of Mt.Gox sold almost 40 000 Bitcoin.
Mt.Gox was one of the largest crypto currency exchangers in the world. It was hacked into 2014. At that time, he managed 70% of the volume of Bitcoin transactions around the world. In 2014, the company announced that it had lost 850 000 Bitcoin.
Mt. Gox has an impact on the Bitcoin market
According to the report of Mt.Gox, Nobuaki Kobayashi, an attorney and trustee of the exchange, has sold 35 841 Bitcoin and more 34 000 Bitcoin Cash since September of last year.
Previously reported, that the exchange sold the crypto currency in the amount of about 403 million dollars. This was reported by Mark Carpels, former CEO of Mt.Gox.
At the moment, the next court in the Mt.Gox case is scheduled after 18 September 2018. Until that date Kobayashi could not sell the remaining Bitcoin. This could lead to a decrease in volatility in the markets, at least until September.
Details of Kobayashi's transactions were published a few days ago and may suggest a correlation between the decrease in Bitcoin prices and sales.
Over the next six months, Kobayashi will not be able to sell more Bitcoin to the market, creating volatility and sharp price declines.
Author: Olga Novikova, Analyst Freedman Club Crypto News
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