Bitcoin Forum

Bitcoin’s latest dip has been attributed to Mt. Gox selling off almost 40,000 Bitcoin. Now that the sell off has stopped, Bitcoin is very likely to surge.

Mt. Gox is an infamous cryptocurrency exchange. In 2014, nearly a million Bitcoin was stolen by hackers. As a result, many people who stored their Bitcoin in Mt. Gox lost all of it. This lead to many class-action lawsuits against Mt. Gox from people who wanted their money back.

Because of the lawsuits, Mt. Gox is forced to liquidate a lot of its remaining assets to pay off the lawsuits. The most recent crash in Bitcoin has been attributed to this.

Read more at: https://stopthefud.wordpress.com/2018/03/12/bitcoin-surge-likely/

bump

This is good news for everyone. We can't possibly survive with a huge selloff of 166,000 btc. That 35,000 something btc sold has dragged the price down to a big fall and many months has passed still we're having a hard time to recover. If in september this would push through we're gonna see another huge drop in the bitcoin price. For now this is a bit relieving to know they postponed it

But it looks like the damage has been done because investors are very reluctant to invest today. We even have a hard time breaking the new mental barrier of $12K. And the last time I counted, its like we have been attempting to break it four times already without success.

I hope that this news will really open up the market again to new investors who are willing to pump fresh money in the market. Otherwise, we will see a cyclical pattern here, goes to $11.7 then go down again at $8K-$9K.

Indeed sounds that ...now we can breathe a bit ... but my intuition always says that we can count to Mtgox to "buy low"


source:
https://www.c[Suspicious link removed]m/2018/03/12/investors-bullish-on-bitcoin-now-that-the-tokyo-whale-has-stopped-selling.html

Nowadays bitcoin market cap is 155Bln, and was more a few weeks ago
400Mln represents 0.26% of it

It didn't has much impact on the price
That is simple and effective mathematic logic... ;)

The price drop is also a good thing. more people can buy cheaper coins and get into the market.
Even with the sell-off rest of the coins will not impact the market in the long run.

It is very torturous, theft in the world of cryptocurrency is very necessary in alert, and it will make a fatal result when it happens again, hopefully everything goes normal again and fine.

not that simple. A sudden influx of 400mln causes many weak hands to fold, which increases the amount. This effect keeps on perpetuating itself, dragging the price down.

Mt. Gox is going to kill bitcoin this year. 166,000 Bitcoin again in September that will crash bitcoin to the bottom. I hope Mt. Gox will go to OTC trading desk to sell those bitcoins, not online exchanges because that will be a catastrophe.

It doesn't have much impact because the amount is so small in percentage but imo it's still a fairly decent amount that they could use to influence others and manipulate the price once they continue their 120,000 btc dump on September. If spoofy has this kind of amount who knows what he could do with the price of bitcoin.

Bitcoin still has 6 months of preparation for this dump, expecting bitcoin's price go to the bottom is too much .

I think it's probably positive if the sell off doesn't come anytime soon. With the taxs due soon many people will liquidate in order to pay off taxes or avoid incoming regulations so another dip is very possible. I think the sooner these huge borders of bitcoin sell the better. It's unhealthy for the market having so much in such weak hands

bitcoin is know for is high volatility, it is usual for it to do +/- 5% moves in less than one hour. We see this several times in a day

let's say bitcoin is at 9500$ and drop 0.26%, this represent 25$
now bitcoin would be at 9475$
this has almost no effect on the price


bitcoin market cap is more than the double of PayPal (155Bln VS 70Bln)
spoofy never manipulated "the price of bitcoin", he was simply doing wash trades on bitfinex that was affecting the spread for a few minutes/seconds

bitcoin is simply extremely hard to manipulate. It is an excuse of the past, a buzzword, a word to blame another instead of assuming your own bad trading strategy

0.26% is def not what happened. When it drops 0.26% in less than a second, bots freak out and start selling too. Now you're looking at 2% in a minute, causing weak hands to fold. Now you're looking at 5% gone.

Good news. 166,000 bitcoins are a lot and will move market. Hope it will help bitcoin price and cryptocurrency market in general.

that is why it is said a million times that Market Capitalization is not something you should even look at because it is a wrong and misleading number. specially when it comes to comparison. but unfortunately nobody listens.

about rises and drops, the amount and market cap do not matter. what matters is how that amount is dumped on the market and how the order books are looking at the time of that dump.
for example if you have 100,000BTC and dump it all at once on one exchange, let say Coinbase, the price in Coinbase will drop hard. i don't have an account there to check this but lets assume it will drop to $1000, in which case market does not even react to this. because it was instantaneous and only in one exchange. i said Coinbase because it has happened before. price dropped to less than $10 last year and nothing happened in the whole market.

not lets assume that 100,000BTC is dumped on all major exchanges. that is a different story. if it can bring the price down 10% in each exchange it can cause a bigger drop specially if it is not a sudden dump but a slow unloading to keep pushing it down. something like the first time price was pushed below $10k 3-4 weeks ago.

I hate to hear information about bigger, because at the Mt. Gox beginning of my bitcoin are being stolen, the bigger the exchange and it makes the bear market that year, but I think the whole Cryptocurrency market and Mt. Gox selling the bitcoin and no relationship.

Whatever it's he'she should be responsible for the event according to the applicable law, and should be Mt. Gox didn't liquidate the assets of its users or its customers because it's very obviously detrimental to them as a whole. If it's a little bit, it may not matter but if their number is more, of course it will also affect the bitcoin value.

I bet this is good news then?

I dont think anyone will tell the whole world that they are selling off that huge amount of bitcoin. unless there is a plan behind it. Such news will create negative sentiment to the general public and will affect the price. Mt Gox to sell after everyone sell theirs? make no sense to it.

Also 160k bitcoin is huge amount. just imagine anyone here have 1% of it, thats 1600 bitcoin equivalent to appx. 16mil. retirement plan...

their users lost their Bitcoin due to hacked exchanges, and now they are all asking for a refund. Why the hell Mt. Gox should sell that tremendous amount of Bitcoin to refund their users. They should refund in Bitcoin, so they didn't need to liquidate it.

This is not up to the trustee, but rather the majority of the creditors and what their needs are. They made the decision to give them a monetary reward, equal to their share of the money that was recovered. <more or less $400 per bitcoin>

Keep in mind that many of these creditors are probably not involved with Bitcoin anymore and most of them will sell the coins as soon as they get them. If all of them do this at once, the price will go down hard. <166 000 coins dumped on the market will crash the price>

I would prefer a slow controlled sell, over a much longer period to protect the price.