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Friday, March 9, 2018

Crypto News: Bitcoin Price Hit 2018 Lows Because Of $400 mln Mt.Gox Sell-Off: Reports

Bitcoin Price Hit 2018 Lows Because Of $400 mln Mt.Gox Sell-Off: Reports

Bitcoin prices fell as low as $6000 in 2018 due to a Mt.Gox trustee “panicking” and selling $400 mln worth of bitcoins (BTC), reports suggest this week.

As multiple news outlets reported from March 7, Nobuaki Kobayashi has sold over 35,000 BTC and 34,000 BCH (Bitcoin Cash) in order to pay the defunct exchange’s creditors.

The sales occurred via an exchange, with each individual sale appearing to move Bitcoin markets lower. Former Mt.Gox CEO Mark Karpeles confirmed the transfers took place from December through February.

When BTC/USD hit $5900 Feb. 6, Kobayashi had transferred 18,000 BTC ($180 mln) the day prior, entrepreneur Alistair Milne reported on Twitter March 7 quoting the r/mtgoxinsolvency subreddit.


Full story at http://bit.ly/2Ft5gWA


Source: CoinTelegraph


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