Content adapted from this Zerohedge.com article : Source
Bitcoin dropped below the $8,000 level, erasing Friday's gains when it bounced off the "mystery buyer level".
There is speculation that the recent fall is attributed to the one handling the Mt. Gox bankruptcy and his unloading of close to $1.9B worth of bitcoin.
Today’s report is a transcript of a Q&A at the 10th Mt. Gox creditors’ meeting, which took place on March 7, 2018, about the selling of BTC and BCH by defunct exchange’s trustee Nobuaki Kobayashi.
The Japan-based Mt.Gox crypto exchange had been the largest in the world until a February 2014 hack led to the loss of around 850,000 BTC. The current sales of BTC and BCH by Kobayashi are part of an attempt to refund users who lost money in the hack.
An earlier report released March 7 to the Tokyo District Court had said that the BTC/BCH sales took place between the creditors’ meeting in September 2017 and the one on March 7. However the report released today clarifies that the sales took place between December 2017 and January 2018.
The March 7 report, which detailed the amount of Bitcoin and Bitcoin Cash sold by Kobayashi over this reported two month period, led many to believe that the large sell off is what led to the market crash after the new year.
Kobayashi noted that after consulting with cryptocurrency experts, he “sold BTC and BCC [BCH], not by an ordinary sale through the BTC/BCC [BCH] exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible.”
Kobayashi added a clarification about the transfers of BTC and BCH to different addresses, underlining that he did not necessarily sell BTC and BCH at the same time as these transfers:
“Please refrain from analyzing the correlation between the sale of BTC and BCC [BCH] by us and the market prices of BTC and BCC [BCH] based on the assumption that the sale was made at the time the BTC and BCC [BCH] were transferred from BTC/BCC [BCH] addresses that I manage, as such assumption is incorrect.”
Kobayashi's influence is a matter of great debate. Some believe earnestly that he is the "Toyko Whale" responsibile for the selloff. Others believe there are others who are behind it.
The trustee sold 160,000 bitcoins at a time determined after consulting the court.
This led to speculation on Reddit as to what the impact is. One poster had this to say:
“Large holders sold at a high price driving the price down on the back of FUD about the 'Tokyo Whale' about to dump 160k more Bitcoin because he's been recklessly selling using market orders. It all turned out to be complete b******* as I suspected. Someone else was dumping and manipulating in this way. Once you start an avalanche there's no way to control it.”
Non-adapted content found at zerohedge.com: Source
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