Investors bullish on bitcoin now that the 'Tokyo Whale' has stopped selling

[PlusCoinINK]

-A trustee of defunct Tokyo bitcoin exchange Mt. Gox sold roughly $400 million worth of the digital currency to pay off creditors, according to documents published last week.
-The remaining liquidation reportedly won't happen until September, which some analysts say is helping sentiment.
-"It's still hanging over but now we've got six months or so before that's an issue," says Brian Kelly, CEO of BKCM. "In terms of the Tokyo Whale, it's a supply issue, but it's also a sentiment issue."

Source: https://www.cnbc.com/2018/03/12/investors-bullish-on-bitcoin-now-that-the-tokyo-whale-has-stopped-selling.html

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[odolvlobo]

The belief that the drop in price has something to do with the Mt. Gox selling is just a fantasy.

There is no evidence that the selling caused the price to fall. The price rose on each of the days that the coins were sold, and now the price falls even though the selling has stopped.

Read this for more information: https://cointelegraph.com/news/effects-of-mt-gox-trustees-400-mln-sale-on-bitcoin-market

[Ozero]

The belief that the drop in price has something to do with the Mt. Gox selling is just a fantasy.

There is no evidence that the selling caused the price to fall. The price continued to rise after the selling started, and now it continues to fall even though the selling has stopped.

In addition, I also doubt that the sale of only 20,000 bitcoins for three months (the last batch of six thousand bitcoins was put up for sale on December 31, but was sold only on February 6), could crash the crypto-currency market so much. Now about 17 million bitcoins have been extracted, about 6 million of them have been lost, and the appearance on the market of such a small number of bitcoins for sale has led to such a significant fall and stagnation? It can not be. If this is so, then we can imagine how unstable the price of bitcoin will be in the future because of such cases.

[Khaconk]

yes i've bought it at very cheap price and i hold tight bitcoin going to bull this week

[Alpha0One1]

It's just a cycle - What goes up, must come down. What is down, will eventually go up.
Enjoy the cycles and protect your downsides. Keep moving with the stream.

[trecore4]

The belief that the drop in price has something to do with the Mt. Gox selling is just a fantasy.

There is no evidence that the selling caused the price to fall. On each of the days that the coins were sold, the price rose. and now the price falls even though the selling has stopped.

Read this for more information: https://cointelegraph.com/news/effects-of-mt-gox-trustees-400-mln-sale-on-bitcoin-market

Thats a great article to read about the events of Mt. Gox sale. Those 7 transactions were the nuts I believe. However I have little concern that I dont understand after reading the article. The conclusion says that there is drop of bitcoin price at each level of selling the bitcoin which are 7 in total. At each sell there was around 6-10% drop in the value. So doesn't that mean it was more than 50% drop in the prices if calculated altogether?

If you compare the values then you will understand that initial price at which he started the selling was around 13000 USD and now here we are at the rate of 7.5K USD which is almost 50% lesser than the initial value. I think it is the effect of Mt.Gox.

[Herbert2020]

what i see is that people saw the drop then tried to come up with a reason for it. the drop didn't happen over night. selling a large amount of bitcoin suddenly can crash the market but not selling a large amount of bitcoin over a long period of time. which in this case the amount is claimed to be large but also it is claimed to be sold over at least 7 months which a big part of it as the second comment said falls during the period when price was rising.

[Olalomi]

There is no doubt about the bearish sentiment of the price of bitcoin currently being experienced indeed it is absolutely linked to Mt.Gox sudden selling of bitcoin invariably crashing the price, however with sales suspended for now the price is expected to be bullish in days ahead.

[odolvlobo]

There is no doubt about the bearish sentiment of the price of bitcoin currently being experienced indeed it is absolutely linked to Mt.Gox sudden selling of bitcoin invariably crashing the price, however with sales suspended for now the price is expected to be bullish in days ahead.

There is strong doubt. I expressed it above. The sales did not "invariably crash the price", and the sales have been suspended for more than a month and yet prices are now dropping again.