Bitcoin Forum

As you know the last six months, the MTGOX exchange sells its assets to cover debts for bankruptcy. How do you think selling such a large number of bitcoin and other cryptocurrencies has a big impact on the market drop? According to some reports, the exchange still has 166,344 bitcoin. And this is a hell of a lot of money. I think that this is one of the essential factors of price reduction.


UPDATE
https://www.ccn.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/

https://www.ccn.com/bitcoin-drops-8300-mt-gox-trustee-sell-off-continues-market-drops/

Do you have the official source about this news? I read that 20,000 Bitcoin was sold in the past 3 months, but how do you know the number of remaining bitcoin held by Mt Gox?

That is one of the factor that we need to be considered,past few days there are some FUDs that are spreading to our community,added some spices with the binance hack incident,thats why most of the people gone panic selling without knowing the truth,mtgox has indeed billions of dollars assets that is why dumping those bitcoins will surely affect the whole market.

MTGOX is something that just never dies, even after so many years its still crashing Bitcoin prices. And with the amount of coins still left for selling we are going to keep on hearing about MTGOX for few more years and don't know how many times its going to crash the bitcoin prices.

It could be. I am sure that no one knows the reason for the decline in the price of bitcoin. 166k bitcoin is a big amount for one person but for the whole community it's a bit. All exchanges sell and buy more coins every day. It seems to me that the rise in prices for bitcoin will be after April when people and businessmen will pay for their tax obligations for the past year and they will have money.

This article was in the local language forklog. Here is a link to an English article
https://www.ccn.com/bitcoin-drops-8300-mt-gox-trustee-sell-off-continues-market-drops/

And here is a source in English, on the basis of which an article was written in my native language.

https://www.ccn.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/

I read this:

"Analysts like WhalePanda said this decline was due to Bitcoins recent sale by Mt.Gox's trustee. The trustee has sold around 40,000 Bitcoin coins in crypt-exchange. WhalePanda also said:
However, the sale of 40,000 Bitcoin coins 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."

If the Mt.Gox trustee continues to sell large quantities of Bitcoins 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.

That's a good piece of information you have provided but do you have the original source behind it. The numbers you have provided seems big to me. The amount it makes is so damn high. If this is true then there is no chance for Bitcoin to increase in price at least for the next 3-4 months. MtGox really did take away a majority of BTC away with itself. If this continues the price will be impacted badly and people might loose the trust they have in BTC.

Yes I think so it is the one of the reasons btc get a dump
But ONE OF THE, Not only due to this there are some other fuds too

Nothing amazing. When mt.gox was bankruptcy, the price BTC was 100 times lower. If the assets were frozen, then the figure is adequate.

I thought MGTOX was hacked few years ago is that a joke? hacked when they have billions of dollars supply of BTC? or that is just a scheme way back so that they could sell the supply when the times like this? why they didnt sell the supply when it is at the peak?Should we worried about this ? because it could make the bitcoin's price fall so much?

You can track their actives here http://gaelb.alwaysdata.net/MTgox_watch_CW/index.html - there are still to much coins on balance. Hope they will finish making a pressure on crypto market.

Problem with centralization is market manipulation.
Return bitcoin to small people, make bitcoin great again and we won't have this kind of problems. :)
Hopefully it will become decentralized in few years.

They transferred a bunch recently, but that doesn't necessarily mean that the trustee will sell them on that given day. However, even if he doesn't sell them now because more people have knowledge about this I believe this puts us back in bear mode.

Well one day they will be left out without Bitcoins and they can get the hell out of crypto world and let us enjoy becoming rich . lol sorry

I was reading today about this sale of the bitcoins of Mtgox, but I'm more and more convinced that this crisis is driven by big market manipulators who do what they want, especially banks and big investors

I have lost millions of dollars at mtgox and so many others like me, mtgox will sell the bitcoins and most people once they get their money back like me will invest in crypto again, so right now mtgox is selling then users will buy cryptos back, i myself will use the money to buy eth.

The only issue is that I gave my old bank account for them to credit my millions, if there is a way I will have to update my claim.

Bitcoin is legit and market is healthy, it’s just hard to deal with whales at the moment. Might take years to redistribute massive holdings.

Now we have a preview of what happens when satoshi moves 5% of his/her coins.

It's also redistributing large amounts of BTC to smaller holders. This should lower volatility long term as these big whales become fewer.

They should have done an auction rather than dumping it in the market to sell.
Those trusties are very unprofessional and untypical and should be blacklisted.

The MtGox sellers proves there is no liquidity in the system. Simply selling thousands of bitcoin on the market causes the price to collapse. It proves there are no real buyers on the other end of the transaction. The HODLers can't take their "profits" out because doing so would collapse the price.

Unfortunately market manipulation has been going on in every market since the beginning of time. The smaller the market, the easier to manipulate. And crypt is still relatively small, with too many BTC in the hands of too few.

So they werent hacked back then it just to keep those bitcoins from their investors? what a greedy piece of shit.The market has crashed because the bitcoins were hacked as they have said few years ago? and now they have the bitcoins? LOL,that is pure manipulations and the founders of mtgox should be incarcerated for the rest of their lives.

It turns out to be an enchanted circle. Two years ago, thousands of people were deceived by the founders of the MTGOX exchange. And now, after 2 years, what do we see? They are again to blame for the fall of the market. Why was really it impossible to simply return to people their bitcoin and other cryptocurrencies? It would not have caused such a sharp fall. Just awful.

Bah, it is unlikely, just another FUD crap on the media. The market had to fall and I am glad because now we can start building a solid base instead of just jumping from coin to coin.

So this is a very bad news for us as investors, as soon as they began to invest in cryptocurrency. I think it's necessary to somehow limit such big players, because this is really a very bad situation.

If that is the case then the dropping of the price is not any issue because it is only a particular group selling their coins and that is dropping the price. So with that we are confident that the businesses which are started with bitcoin have not left bitcoin and they are still their but only MTGOX is selling their bitcoin for to cover their dept. With that I will say that I am sure that the price of bitcoin will recover sooner.

Good point - so there is a positive side to this hopefully.

If they have that huge amount and they sell them all yes of course it impact to recent bitcoin price.
Though bitcoin has very huge marketcap but by selling those much bitcoin in the same time,  we will see huge correction in bitcoin market.

I have to agree. This is a good thing all this BTC goes out on exchanges instead of one wallet controlling that big amount. And if the reason for selling is to pay the people who got scammed im all for it.

Mt gox trustee method of dispatching their but coins was actually the problem that got the market into a complete bloodbath. Hopefully they will find a better medium of sale during their next sale off