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Reason For The Massive Drop Of Bitcoin And Altcoin In Past 24hrs

Discussion in 'Bitcoin Investments | Discussions' started by philipj, May 11, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    There was a massive drop in the prices of cryptocurrency generally in the market. What could be responsible

    The Mt. Gox trustee, who was tasked to sell about 200,000 bitcoin after the bankruptcy of the now-defunct cryptocurrency exchange Mt. Gox, is suspected to have dumped another 8,000 bitcoin on the cryptocurrency market.

    Over the past few months, despite criticism from the cryptocurrency market, the Mt. Gox trustee has continued to sell massive chunk of bitcoin on cryptocurrency exchanges, even after acknowledging that the sell off of tens of thousands of bitcoins can easily move the market that is already highly volatile.

    Today, on May 11, various reports have suggested that the recent price dip of bitcoin and other cryptocurrencies was triggered by the sell off of Mt. Gox coins.

    Four wallets of the Mt. Gox trustee moved around 2,000 bitcoins each, sending over 8,000 bitcoins in total over the past 24 hours. The cryptocurrency market price are being affected because they are sold at the exchanges rather than through over the counter - OTC and directly deal with large scale investors who are willing to buy in the thousands.
     
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