So how about that Bitcoin, huh...
After Bitcoin failed at the key technical level, bad news story after bad news story has created headlines and it's all been downhill.
Not a good week for the trusty HODLers that I know populate the Steemit blogging network. There's nothing like a mass liquidiation to forced you to get your risk management principles in check.
Yesterday I featured the Binance hack headline, but it's this Mt Gox trustee dumping bitcoin to repay creditors that is really rubbing salt into the wound.
They call him a whale seller, but Nobuaki Kobayashi isn't your average whale.
He's in fact a Tokyo attorney, and bankruptcy trustee for the now famously defunct Mt Gox exchange.
It has emerged that Kobayashi has been drip selling Bitcoin assets to pay creditors and will continue to do so until all debts are paid.
That's supposedly $400 million worth of Bitcoin since September, with another $1.9 BILLION worth to go.
Jesus.
Kobayashi has said only that he is 'trying to get as high a price as possible', but nothing more about his strategy. A strategy that either way isn't going to be good for anyone in the bear market that we're now seeing.
The one shining light in all this, is that we now know the amount that Kobayashi has left to sell and that risk will begin to be priced in immediately. It's no longer a shock to the market and that is a good thing once the dust settles.
But for now, the pain is real. Feel it.
Best of probabilities to you.
Peace ✌🏻.
Instagram: @forexbrokr
Website: www.forexbrokr.com
