The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today.
Blockchain data analysis suggests the time of sale correlates considerably with the timing of the December crash and subsequent price falls in bitcoin.
MT Gox’s bitcoin addresses are well known as blockchain detectives spent months analyzing them. One such address shows 2,000 bitcoin held by the trustee were moved on December 18th.
On that very day, bitcoin’s price stood at $19,000, briefly fell to $18,000, then continued to fall in subsequent days:
On December the 22nd, the trustee moved 6,000 bitcoin. That’s the big red daily candle above labeled 2, sending price from nearly $16,000 to a brief low of $10,800.
It appears he gave some time for the market to recover, then on the 17th of January at 3AM he sold 8,000 bitcoins. Crashing the market again.
He then sells another 6,000 on the 31st of January, but the vast majority was sold on the 5th of February, 18,000 in total. Sending the price to its recent bottom from which it then went on to recover and nearly double as the selling finally stopped.
This suggests the trustee has sold it all on exchanges, rather than Off The Counter (OTC), sending price down some 75% by perhaps placing market orders.
Moreover, since the addresses are public and probably watched, other market participants would have been aware of the move, but it might have not been clear these were going to an exchange.
Of course the price crash could have been caused by other reasons, but ethereum – which has its own fiat pipelines – did not move much for a long time, and even went on to a new brief all-time high in January, until sentiment turned.
The bitcoin sell-off therefore appears to have been specific to the coin as the sale of half a billion would have placed significant pressure on the price.
Which means this is arguably the fourth time now that MT Gox crashes bitcoin. The first time was in 2011 when MT Gox was hacked out of some half a million bitcoins.
Then in March 2013 when it was DDoSed, then in February 2014 when it went bankrupt, and now in 2017-8 following the peculiar decision of the trustee and the Japanese court to sell 35,000 bitcoins and bitcoin cash.
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Duder March 7, 2018 at 2:16 pm
That was just 18% of the MtGox holdings – there’s plenty more where that came from !!!
Scout March 8, 2018 at 1:21 am
Thanks – I was doing the math in my head . This is Game Over for me , I’m out.
Khanyu Khachmy March 8, 2018 at 11:00 pm
The remaining 160K coins will not appear on the market. Once the judge allows MtGox to enter Civil Rehabilitation then the remaining 160K btc are not governed by bankruptcy law which required cash payouts to claimants. The remaining bitcoins are merely corporate assets that must be returned to stockholders. And the stakeholders in MtGox– Karpeles, and some would argue, all his customers overwhelmingly prefer bitcoin to cash.
Since there will be no legal reason to sell the bitcoins they will not appear on the market.
Normies get ouT March 7, 2018 at 5:41 pm
REEEEEEEEEEEEEE!!!!!
Dangit March 7, 2018 at 6:45 pm
What is Marco Rubio doing in there?
gr3y March 7, 2018 at 7:48 pm
AUTISTS REPORT IN…
Known addresses:
https://blockchain.info/address/1MLGpEQfzd44vPuiihuazPL9tW7qzew1J5
https://blockchain.info/address/14LuAvrRzAmeikgaafs7H5695xs5dVXqA5
Amount:
http://i.4cdn.org/biz/1520447428828.png
Jatoshi March 8, 2018 at 3:37 am
Educated people making a mockery of everyone.. No excuse for their actions, many people must of lost money when the price dropped from 18k because of these morons. What kind of poor ethics is it to dump so much coin into a market at once? Shame on you! Karma is a btch
Thinker March 8, 2018 at 1:12 pm
Why don’t the institutions looking for entry into cryptocurrency market approach this man/company and buy it from him OTC instead of crashing the market?
Suesi Veagas March 10, 2018 at 12:55 am
Either because he is a stupid idiot or it was his intention to do so maybe on sy’s request.
Sylvia N. March 8, 2018 at 1:13 pm
ich könnte dem sowas von auf die dämliche Fresse hauen! Wie blöd kann man eigentlich sein?
Oder wie abgebrüht?
Das kann doch alles nicht wahr sein. Das ist ein Alptraum für uns alle….
Khanyu Khachmy March 8, 2018 at 11:04 pm
Mach dir keine Sorgen! Die übrige 160K bitcoins werden nicht am Markt vorlegen.
dave March 10, 2018 at 4:21 pm
a very shifty looking crew.
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