At this moment in time (March 9th, 2018 - 12:54pm), the price of Bitcoin sits at a paltry $8,863.65. Gone are the days where just three months ago, the popular digital currency had been marked at a value of $20,000. While there has been a variety of factors contributing to Bitcoin's (and the general crypto market) marketcap decline, recent reports have led many to believe Mt. Gox (yes, the same Mt. Gox exchange hacked back in 2014 ) is the primary culprit.
Recent reports reveal Mt. Gox trustee Nobuaki Kobayashi market sold ~$400,000,000 USD worth of Bitcoin and Bitcoin Cash between December 2017 and February 2018 to credit investors who lost their funds during the original hack in 2014. Understandably so, a plethora of cryptocurrency enthusiasts are enraged to learn one individual has the centralized power to control the markets for months at a time. Kobayashi still holds 166,344.35827254 BTC at the time of this article.
Mt. Gox Sell Points - Credit: reddit.com/r/cryptocurrency
While SAvant Public Relations fully supports the release of funds back to their rightful owners, we do recommend an alternative method rather than market selling on exchanges. For this specific situation, an Over the Counter (OTC) sell or an auction would be largely beneficial for the general health of the market as the digital currencies sold would not drive the market in an immediate downward spiral. In these two instances, the original individuals who invested funds their funds in Mt. Gox would either receive their money, or BTC/BCH back and the market can function as it normally would.
While many investors are delighted to obtain top crytocurrencies at bargain prices, the liquidation process that has been ongoing over the last couple of months needs to end immediately. We certainly hope Mr. Kobayashi can do the right thing moving forward.
For additional up to the minute information on the ongoing Mt. Gox saga, Please visit our twitter at: www.twitter.com/savant__pr