From March 7, within 48 hours, Bitcoin price fell from $ 10,600 to $ 8,300. The alternative crypto followed this trend. The cost of the three largest currencies, Bitcoin, Ethereum, and Ripple fell by more than 11%. Analysts like WhalePanda said this drop was due to Bitcoinrecent sale by Mt.Gox's trustee. The trustee has sold around 40,000 Bitcoin coins in crypto-exchange. WhalePanda also said:
However, the sale of 40,000 Bitcoin is not the end of the sale by Mt.Gox's trustee. According to an official document issued by Mt.Gox, more than $ 1.7 billion in the Bitcoin hang up to be sold in the next few months.
Official Mt.Gox document referring to Bitcoin and Bitcoin Cash:
As a result of the court consultation, I thought it was necessary and wise to sell the set amount in Bitcoin and Bitcoin Cash at this stage, thus providing resources. I tried selling Bitcoin and Bitcoin Cash at the highest possible price. I intend to consult the court to determine the further sale of Bitcoin and Bitcoin Cash.
$ 1.7 billion
If the Mt.Gox trustee continues to sell large quantities of Bitcoin in the crypto-exchanges rather than in the over-the-counter market where large buyers can trade with each other, the price of Bitcoin will continue to be affected by the sale.
Cardano's founder, Charles Hoskinson, said Bitcoin could have been overestimated at $ 19,000:
Was the real value of the $ 20,000 coin if such an event had so much impact on the market? We need an index of how much it can afford to eradicate the market without crashing into every crypto.
It remains unclear whether Mt.Gox 's trustee will "plunge" the market with more than $ 1.7 billion in Bitcoin, which will be sold on the stock market as planned or will move to the over - the - counter market to prevent market manipulation.
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