Mt. Gox Bankruptcy Trustee back at it? by jrcornel

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· @jrcornel ·
$188.54
Mt. Gox Bankruptcy Trustee back at it?
# The recent decline in crypto prices may have had several contributing factors.

As was mentioned yesterday, the UPbit exchange was raided by local authorities for what they were calling fraud.

More about that can be seen here:

https://steemit.com/upbit/@jrcornel/crypto-seeing-red-as-upbit-gets-raided

It is unclear exactly what they did, but the rumors are that they lied about their balance sheets to mislead investors and possibly also improperly used customer holdings.

The exact phrase was, "sold coins that they didn't actually own".

# However, it appears there was likely more to the weakness than just the UPbit raid.

As was reported by several news outlets yesterday, it appears there was also some movement from the Mt. Gox Bankruptcy Trustee's wallet.

https://s9.postimg.cc/bhngniynz/wallet1.png

(Source: https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/)

As you can see, just over 8k bitcoins moved from the wallet address that is known to be his.

Whether those coins actually get sold or not is anyone's guess, but at this point any time those coins move is enough to cause selling in the market.

Another point of interest is that about 16k coins moved from those wallets a few weeks back as well.

Whether these orders are getting filled OTC or on the open market is hard to tell at this point, but he did sell coins on the open market before when he sold.

https://s9.postimg.cc/mjsjm0q6n/Mt-_Gox.jpg-890x500.jpg

(Source: https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/)

# All this has added up to major weakness leading into a usually very bullish event.

The Consensus conference is expected to have over 8k people in attendance and is often a very bullish event for cryptocurrencies every year.

The savvy trader might have used this morning's weakness to pick up some cheap coins just in time for the seasonal rally.

Will history repeat and us see a significant rally again on the heels of the conference or is the latest round of bearish news too much for the seasonality aspects to take over?

The good news is that we won't have to wait long to find out.

The conference starts on Monday (May14th) and lasts through Wednesday (May 16th).

Stay informed my friends.

Follow me: @jrcornel
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 135 others
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@abdulmanan ·
I am eagrly waiting to see conference effecs!
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@mumin007 · (edited)
**Bitcoin, whose price had remained over $9,000 for most of this month, once again dipped below $8,000 yesterday and today. In fact, the price recently hit a three-week low. One potential reason for the drop may be Mt. Gox, the now-defunct crypto exchange, which is in the process of paying off its creditors. Some have speculated that its trustee sold a large chunk of the bitcoin it had in its coffers, according to Bloomberg. What’s more, South Korean authorities recently raided one of the country’s biggest exchanges, UPbit, which likely impacted bitcoin’s price.**
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@jrcornel ·
$1.18
Yep.
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@gvincentjosephm ·
Why did they raid the UPbit? What did they do wrong?
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@steem-works ·
Great news sir .thanks for share
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@bornprince ·
Thank you for the great post! I have learned alot from the post !
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@shahabshah ·
great news thanks for sharing this posts
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@moniristi ·
$0.28
The bankruptcy trustee for the defunct Mt. Gox exchange announced yesterday that he had sold $405 mln in Bitcoin over the last few months, a total of 35,800 BTC and 34,000 BCH. The selling of such massive volumes could be a big part of the reason Bitcoin fell from its high of $20,000 to its current price of $9,300. Even if the coins were traded over-the-counter (OTC) rather than on exchanges, it still would have suppressed demand, by filling the needs of buyers who otherwise would have bought off exchanges.
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@jrcornel ·
$22.73
Yep, good point. That combined with the tax related selling and shorting by wall street and we likely have our reasons for the big decline.
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@ehtesham123 ·
Valid point sir. I agreed
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@devrajsinghrawat ·
Yes yesterday and todays fall is caz 8,200 BTC Moved From Mt. Gox Wallet, Possible Sell-Off Affects

https://www.ccn.com/8200-btc-moved-from-mt-gox-wallet-possible-sell-off-affects-bitcoin-price/
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@kevindixon · (edited)
I hear that big investors are buying Bitcoin away from the exchanges so that it doesn't jack up the price of Bitcoin. But they have no problem creating FUD and selling BTC on the exchanges. It all seems like a desperate attempt to keep the price of Bitcoin down for now. This tells me that BTC is resilient and is going to explode in the future. Hopefully, sooner than later.
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@shihabieee ·
Like you said, the good news is that we at least know about this. Nevertheless, that is a damnn big amount of Bitcoin being sold. I hope that for this rough start of the year we get a great end to 2018 in return.
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@jrcornel ·
$1.15
Not sure history repeats this year like it did end of 2017, but hopefully.
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@mianadnan3218 ·
good post like it...
thanks for sharing
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@kosaxd ·
Will he do this until he sell off all of the BTC and BCH he has ? if so bitcoin won't rise for a very long time :(
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@jrcornel ·
$15.68
Not sure. Last I heard/read he wasn't supposed to be selling any more until September. Not sure what exactly has changed. If he does sell it OTC it likely has much less of an impact than if he were to dump it on the exchanges taking out the order books.
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@steemlit ·
$0.25
Every BTC run, Mt Gox has to bring it back down
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@jrcornel ·
$6.88
That certainly has been the trend of late. Hopefully they are getting mostly through the forced selling at this point. I am sure there are large bock traders that would gladly help them dispose of those holdings without dumping them on the exchanges.
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vote details (4)
@mahera ·
In just a few days, bitcoin loses about 30% of its value. Several factors worsen sales, especially the decline in bitcoin popularity. This could lead to the fact that prices will stay at a lower level longer than expected. Here are some recent events that have a negative impact on the first crypto currency quotes.

Hacking Bidding
What lies behind the new bitcoin decline What lies behind the new bitcoin decline
One of the factors that attack Bitcoin is Binance disconnect. Not yet clear what is causing problems in popular stock exchanges. Just be aware that many users have witnessed the random sale of their coins without their knowledge or approval.

This leads to the assumption of loopholes in crypto exchange, which, in turn, leads to decreased bitcoin and other digital currencies. In just a few minutes bitcoin is lost about 7%.
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@budajored ·
It's not new on that Mt.Cox is still have many bitcoin on there wallet and there manipulating the price of bitcoin they think there whale now. Mt Cox is the reason why bitcoin is suddenly fall.
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@minnowboostere ·
Its very great for all
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@dzordyr ·
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Because you're my follower. I'll continue to do it..
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@milo.mar ·
Very interesting... I like it! You explain very well
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@crypto3em3 ·
er this is getting out of hand
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@mightypanda ·
After the outrage last time,  i think he would have sold coin in otc. I also heard that he can't sell any more coins till september.
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@infidel1258 ·
I dont understand why Mt.Gox guy sold them as he did. There must be some billionaire who would have privately bought every coin! In one purchase.

There is that chinese billionaire publicly announced, he bought 10,000 BTC since January. Guys like him exist and Gox guy could get a private sale if his lawyers were inclined.

I suspect they sell them in worse ways to manipulate the market.
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@gvincentjosephm ·
I think MTgox should at least consider the price of BTC if they're selling it now. I don't even think the story about what happened years ago is true.
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@yz0rgc0rpb · (edited)
when is this mtgox fiasco going to end?  
fortunately i didn't feel the initial "hacked" incident...
but the its affect is still lingering and just as annoying.
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@indiantraveller ·
Thanks for the updates. It was a good read. Would love to read more about this.
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@cp123 ·
Great post!
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@corndog54 ·
$1.17
Thanks for the info.  Always good analysis my Friend πŸ‘
πŸ‘  ,
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vote details (2)
@lizette ·
$0.18
I did not aware that Consensus weekend has such a big effect on the Bitcoin price. I see people saying we will see a big bull run after this weekend.
πŸ‘  
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vote details (1)
@colinbrazendale ·
$0.08
Let see what happens next week.
πŸ‘  
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vote details (1)
@grizgal ·
$0.16
Lets hope we have a repeat of last year. A 20x rise from here would be pretty nice!
πŸ‘  
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vote details (1)
@momoriso ·
yes of cors
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@momoriso · (edited)
Everyone is looking for money  :)
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@alelerdici ·
Hi, dear users of steemit! 
If you love trading - I recommend you good application for this: cryptofications.com
Notifications make trading more comfortable!
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