Mt. Gox cold wallet moves 8200 BTC. Might this be the cause of the latest crash?

[bbc.reporter]

Also the bitcoin news media outlets also love to spread FUD based on anything they see that would sell.

bitcoin news media like to publish rumors, it has become something very annoying because they create expectation in people for days after we know that it is not true it was just another rumor

Similar to the news about Ethereum last weekend. The bitcoin news sites said the SEC was going to make a decision on Ethereum's classification as a security. But the truth, it was nothing but a closed door discussion about blockchain technology.

I was very anxious about this and then I saw that it was another false hope created by the news channels


according to what I have read, the possible reasons for the fall in prices are these:

Bitcoin Loses $9K Support As Markets React To S. Korea Investigation, Mt.Gox Sell-Off

true or not, the price fell very quickly

That news from South Korea might be another attempt to create FUD again. The cryptospace news media websites are very quick to publish that story about the Upbit executive embezzling money without knowing why the investigators were really there.

I reckon we would have to wait for the truth to come out in a few days.

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[Pursuer]

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year.

any kind of dump whether big or small can never cause a bear market. it can only cause a drop and drops are temporarily decrease in price not a continues tendency to go lower and lower (aka a bear market).
not to mention that the sells started long before the bear market or before any significant drops even! this whole thing about Mt Gox trustee and the bear market and all the rest of the panics that follow are silliest reactions that the market is showing these days. it is exactly the same as last year when they said "China banned bitcoin" and price dropped 4 times and then the same as each time they said "bitcoin will split and die" and price dropped a couple of times! it is FUD, nothing else.

[magneto]

It's more likely that the $10k resistance was the real reason why BTC actually fell. Mt Gox moving coins could be a part of that, but the lack of upward momentum to push us over $10k right now is still the main reason why BTC is correcting at the moment, actually down to close to $8k.

It seems like traders are really afraid of Mt Gox moving their coins around, for some reason.

There is 0 proof that they've actually dumped any coins, yet traders are panicking about it and making it sound way more than what it actually is known to be. Plus as I said, this dump should probably be attributed to the natural correction of BTC after a big rally, instead of any individual events in particular.

[stompix]

That news from South Korea might be another attempt to create FUD again. The cryptospace news media websites are very quick to publish that story about the Upbit executive embezzling money without knowing why the investigators were really there.

I reckon we would have to wait for the truth to come out in a few days.

They've admitted themselves they are under investigation.

And for an exchange there are only a few things you can investigate, be it market manipulation, KYC and AML or running away with clients funds. I doubt they were raided for not putting their burnable garbage out on the right day.
All of those are just as bad as the others.

It's more likely that the $10k resistance was the real reason why BTC actually fell. Mt Gox moving coins could be a part of that, but the lack of upward momentum to push us over $10k right now is still the main reason why BTC is correcting at the moment, actually down to close to $8k.

Sorry but hovering for almost a month above 9000, briefly coming close to 10 000 only to drop like a stone to almost 8000 makes no sense in a normal market.
Oh..it didn't go above 10 000, let's dump at 8500...

[cellard]

They know they can't never pay the fiat massive debs back and therefore fiat is dead, and they know they can't kill Bitcoin, but they know they can dump the price temporarily, to buy cheap and become big players.

But according to my Hitchhiker's Guide to the Galaxy... *puts on reading glasses*
It says: "DON'T PANIC"

Y'know, I think there is one way to kill bitcoin, and that's by offering a better product, with more name recognition. Right now bitcoin has the most name recognition of any crypto, so 

There isn't going to be a better Bitcoin product, at least not on our lifetimes. Anything worth changing in Bitcoin will be deployed via side-chains, may further soft-forks don't cut it.

In order to offer a product so good that people take the risk of moving their Bitcoin capital into this new supposedly better-than-Bitcoin crypto it would be an insanely, unfathomable new technology. Given past precedents, such thing will not be invented within 100 years.

This is why I don't panic with a "flippening". Bitcoin is the only safe bet long term.

[usekevin]

Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.

In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.  



The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.

Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump

I think this is the one of main reason for this fluctuation.The bitcoin price is reduced to 83000$,due to his one single transaction,the price is collapsed.If you are experienced trade,you will buy a bitcoin with the savings money.This will make some panic in the market.

[eaLiTy]

There is a couple of reason i heard for the current crash, first one was liquidation of Mt Gox funds, as long as they are selling off their funds when ever the price is about to rise, the second one i heard is that a South Korean exchange was raided, may be those two have pulled the market down, it will recover again in a few days and then the trustee will again sell the coins and it will continue like this till they sell all of their coins.

[Baofeng]

There is a couple of reason i heard for the current crash, first one was liquidation of Mt Gox funds, as long as they are selling off their funds when ever the price is about to rise, the second one i heard is that a South Korean exchange was raided, may be those two have pulled the market down, it will recover again in a few days and then the trustee will again sell the coins and it will continue like this till they sell all of their coins.

I have no doubt that the trustee will offload in again and again whenever we are about to make a break out run. We really have to admit to that, so its going to be difficult for us to see another bull run because for sure he will surely make his move to pull back the price. So we all need to be attentive and make the right decision before we all get crazy about his the stunt he's been pulling on us.

[Altas]

There is a couple of reason i heard for the current crash, first one was liquidation of Mt Gox funds, as long as they are selling off their funds when ever the price is about to rise, the second one i heard is that a South Korean exchange was raided, may be those two have pulled the market down, it will recover again in a few days and then the trustee will again sell the coins and it will continue like this till they sell all of their coins.

I have no doubt that the trustee will offload in again and again whenever we are about to make a break out run. We really have to admit to that, so its going to be difficult for us to see another bull run because for sure he will surely make his move to pull back the price. So we all need to be attentive and make the right decision before we all get crazy about his the stunt he's been pulling on us.

On various news sources it is listed to be the reason for the ongoing price crash. Till now bone has given the clear description for the fall in value of bitcoin. Another thing mentioned is the inspection that took place over one of the biggest exchange of South Korea, soon situations will get sought leading towards growth.

[cryptobluemoon]

Mt Gox is the market mover in wrong direction when ever market need to be dumped these mt gox wallet gets moved and we can see market gets crashed

[jaocoincrypto18]

Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.

In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.  



The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.

The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.

Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump

No doubt there are the one who made the Bitcoin price to dip again. This news is all over the Crypto news and sites which are all reliable sites so it was really them to cause the market in difficult for a while because i think its over now in which the market is recovering again. We just hope that this is the last of Mt.Gox as i heard they have still 140000 Bitcoin at their disposal but i don't have the links so it will be a hearsay for now.

[cellard]

Yes, there is a movement on the Mt. Gox wallet indeed and I agree that the timing of such movement. And I also under the impression that he should get a court order first before doing anything with the coins isn't it? But why the hell did he move, or I'm assuming offload at this time? This is not the first time that he does that so I'm sure that he really know what he is doing and maybe in fact doing it purposely. As for his intention of severing the market price again? I don't have any idea.

How many coms does/do the Gox wallet(s) still hold?

137890.87 BTC

https://www.cryptoground.com/mtgox-cold-wallet-monitor/

This website monitors any further moves on the known MtGox addresses, if you may pay attention to that is another history. At some point the shock factor of coins moving will not cut it anymore, meaning that a move in MtGox addresses will not necessarily mean an instant dip.

Just like how PBoC used to use the "ban incoming" news repeatedly, at some point it stopped making any impact on the market.

Anyway, it's all government's fault, once again, they should just send the BTC back to their owners, but this is yet another attack on Bitcoin, which does nothing long term.