Mt Gox confirms he didn't crash the market, panic sellers did (again)

[pereira4]

Apparently, he didn't sell the coins the same day he moved the coins, which is when it was speculated that the big selloffs happened. He only moved them, didn't sell them. The pdf was updated today in the mtgox website:

https://www.mtgox.com/img/pdf/20180317_qa.pdf

If this is true, the it just's another demonstration of the schizophrenic people looking for news to dump their coins. We have a bunch of weak handed panic sellers looking for FUD news to dump. Everytime these guys sell and the coins go in the hands of holders is good news.

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[cryptocrusher]

People latch on to bad news so much more so than they do positive news so this isn't surprising. It's good news that the coins move to stronger hands but even some of them will be shaken off from events like these or they might not have fiat spare to buy more coins.

[samson]

Yeah I reckon some MtGox coins started to move and everyone who knew about it rushed to dump their coins resulting in the crash.

It was going to crash anyway but this might have brought it forward a bit.

[1Referee]

It doesn't really matter anymore. The price was bound to go down anyway, so whether it's the speculation about MtGox dumps, or just the lower overall demand, it's the same in the end. If one thing became clear over the last months, the ranges have only gone lower and lower. People for now need to adjust their expectations to significantly lower levels, because the support of the last weeks wasn't able to maintain $11,000/$10,000/$9000, and perhaps not even the $8000 level. The less you expect from the short term market, the less disappointment you'll face. In other words, don't even dare to speculate about $50,000 this year.

[pereira4]

It doesn't really matter anymore. The price was bound to go down anyway, so whether it's the speculation about MtGox dumps, or just the lower overall demand, it's the same in the end. If one thing became clear over the last months, the ranges have only gone lower and lower. People for now need to adjust their expectations to significantly lower levels, because the support of the last weeks wasn't able to maintain $11,000/$10,000/$9000, and perhaps not even the $8000 level. The less you expect from the short term market, the less disappointment you'll face. In other words, don't even dare to speculate about $50,000 this year.

A single tweet could destroy all technical analysis, for instance, Trump making a positive tweet about bitcoin, Jeff Bezos making a positive tweet about Bitcoin, or anyone with influence could pump the price and end the bear market, and technical analysts would say that their TA predicted it...

Bitcoin is too new of an asset, people can't properly value it, it's impossible to call the start or end of bull or bear markets.

[cryptokwuk]

Oh boy, if you thought we'd seen the sell-off.

Once this news hits mainstream media the real sell-off will begin as people realize how fake and fragile Bitcoin Core market really is!

[godzillarekt007]

Gotta view this as a silver lining moment and I almost had a feeling that day that the trustee wouldn't market sell like that. Also had a weird gut feeling that some are looking for any reason to jump ship and they got it. Well good for them and good for us, now we have some stronger hands holding .

[1Referee]

A single tweet could destroy all technical analysis, for instance, Trump making a positive tweet about bitcoin, Jeff Bezos making a positive tweet about Bitcoin, or anyone with influence could pump the price and end the bear market, and technical analysts would say that their TA predicted it...

Bitcoin is too new of an asset, people can't properly value it, it's impossible to call the start or end of bull or bear markets.

Agreed. I don't know how much time this market will need to mature properly, but I think it's safe to say that it has to be done through properly regulating this market, and then mainly the exchanges. At the moment CBOE opened its future markets, they had to halt trading several times because of the fluctuations Bitcoin was experiencing. These market/security measures are what we need, and I seriously expect them to be a must for each exchange within a few years. Bitcoin's free market is a great advantage, but at the same time also its main obstacle. And then we also have the poor liquidity forming an obstacle. It's basically a combination of everything, but we have to deal with it for now. These times are great for traders, but not so great for the newer market participants.

[exstasie]

No surprise here. Bear markets are just supply overtaking demand. People like to blame news or FUD, but these cycles play out time and time again.

Oh boy, if you thought we'd seen the sell-off.

Once this news hits mainstream media the real sell-off will begin as people realize how fake and fragile Bitcoin Core market really is!

The "Bitcoin Core market?" LOL. I'm assuming that's a not-so-subtle shill for BCH? If you hadn't noticed, when the Bitcoin market crashes, the BCH and altcoin markets crash harder.  Be careful what you wish for.

[hosseinimr93]

That is what always is happening. Before something bad happen or there is only a fake news of happening something bad, that's panic sellers who crash the market.

[Yle725]

As what I know, he sold about 40k BTC, and he still has 150k BTC. I fear this..

[vit05]

  I still think they should have sold by auction or by OTC. It would be very interesting if large groups of people who follow the idea of HODL could participate. Thus, they would avoid any possibility of a large dump. And in the long run, it would be very beneficial for everyone.

[ralle14]

That is what always is happening. Before something bad happen or there is only a fake news of happening something bad, that's panic sellers who crash the market.

That shows how powerful bad news can be to the investors of bitcoin.

This might be true because a week ago I remember seeing a thread about the lists of mtgox addresses that add up for 160,000 btc and none of them were moved until now so the report from those crypto news site about the trustee selling 40k are fake but then again the trustee could still sell the coins without having to move them on another address.

Edit: Found it for those who are interested to check the thread.

[barota]

mtgox Even if he sells btc he will not say that

With regard dump ; It will be at any moment because Circulating Supply 16 924 912 BTC ( 16.9 m btc !!!!!)

some people advertise for false news and in the end the loser is the one who buys expensive

You should not give for something more than its value

[hase0278]

As what I know, he sold about 40k BTC, and he still has 150k BTC. I fear this..

As indicated in the news linked by the OP, he only moved the coins, not sold them. Why fear it if those coins can bring forth another good opportunity to buy? I think any investor who doesn't have that much bitcoin at the moment should be rejoicing the moment he dumped all those not just because of a bearish trend, but because those coins will be distributed and fear of mt. Gox coins would be gone.

[jhenfelipe]

A single tweet could destroy all technical analysis, for instance, Trump making a positive tweet about bitcoin, Jeff Bezos making a positive tweet about Bitcoin, or anyone with influence could pump the price and end the bear market, and technical analysts would say that their TA predicted it...

Bitcoin is too new of an asset, people can't properly value it, it's impossible to call the start or end of bull or bear markets.

This is true. Whether it is bad or good news especially when it become trending, people hesitate (to hodl, buy, sell  ). News (and source maybe) have a big impact in people's decision (well mostly) regardless if it's true or not, right? That's because reaction/judgement comes first, it's rare that people search/confirm how legit the news was.

[fabiorem]

Interesting, OP.

So he got OTC then.

We can conclude it was the weak hands who drove the price down.

Now, who will drive it up? There are good news around, but this market is weak.

Fact is that most people want to have their money controlled by banks and governments. They buy bitcoin only for a quick profit. If the profit dont come in just some days, they sell at the first bad news they find. They dont want to hold for years, or to spend their btc to buy stuff. In other words, they dont want to wait.

[jseverson]

It can't be helped. People are fickle. I wouldn't solely blame panic sellers either. Traders look at opportunities like this to sell, only to buy back once price has recovered. Everyone's speculating, so things like this can't really be helped.

Either way, it doesn't matter in the grand scheme of things. The tech hasn't changed, and hodlers gonna hodl.

[Wind_FURY]

I believe no one is to blame. But I would still like to see the official sell orders of the trustee, the dates and the amounts. That information should be made public, right?

Plus Bitcoin was already in "bubble territory" at any rate, the price will always go back to the mean sooner or later.

[pooya87]

so my skepticism was not without some merit!
it has always been drama, and bitcoin investors are always looking for drama, or an excuse to start some drama. it can be a completely irrelevant thing too or sometimes with some basis. this drop started with saying some countries like India banned bitcoin (apparently China got old), then followed by Facebook and Google banned bitcoin and eventually the Mt Gox trustee crashed the market. and the funniest part about this last one was that they were saying he started selling back in September (IIRC) and price was about $4000 back then