Great article on Zerohedge discussing how bitcoin is dropping like a rock in a pond. Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago. Kobayashi is studying further sales of the $1.8 billion remaining.
https://www.zerohedge.com/news/2018-03-09/crypto-carnage-continues-bitcoin-below-9000
When will the dropping price stop? When Nobuaki Kobayashi's selling is finished. Not sooner. Expect the altcoins to have the same problem.
That greedy and corrupt old man is doing BS again. Mt.Gox filing of bankruptcy is more like fraud to me. How can I believe that they were hacked?
Greed knows no bounds. Yes, probably it was an insider job or outside job with insider help. Bunch of cheating bastards.
Mt Gox just won't die. I hate that altcoins are so dependant on the price of BTC. I hope one day that changes. I've read in other places that the Mt Gox trustee may not sell much more since they've almost repaid everything. But, there is still a sizeable BTC position. Any thoughts as to whether he will do another sell off?
You can bet he will continue to sell off whatever coins he has. The question is will he do it all at once again or in smaller chucks over time. Until he is done expect the price to keep dropping when ever he sells. He does not believing in holding over the long haul. We just have the grin and bare it for while.
We must hope that he will sell in smaller chucks over time. That way it will not impact the market very much, but he is not worried about it...
You are right. If he sells it all it will crash hard and scare everyone away from the other altcoins.