Mt. Gox Trustee Sells 16000 BTC & BCH

Yes, here we go again. The Mt. Gox Trustee Sells 16000 BTC & BCH. The question is whether he will tank the market again.

Well it appears that the Mt. Gox saga isn’t over yet. Nobuaki Kobayashi, the bankruptcy trustee of the defunct Bitcoin exchange, started to sell off his massive holdings of Bitcoin in September last year, culminating in the sale of 18,000 bitcoins on the 5th of February.

The sale of 18,000 bitcoins caused the Bitcoin price to crash to a three-month low by the following day.

This was seen as irresponsible by many, because selling such a large amount of BTC/BCC at a low-ball price has the tendency to suppress the price of Bitcoin when you suddenly release it into the market place.

It appears that Nobuaki Kobayashi felt the wrath of cryptocurrency investors when his prior BTC/BCC sell negatively affected the markets. So he decided to take the experts’ recommendation.

Now the Mt. Gox Trustee has sent out 16k BTC equivalent to over $140,000,000.00.

The Mt. Gox Trustee Sells 16000 BTC & BCH
The Mt. Gox Trustee Sells 16000 BTC & BCH

Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the [greatest] extent possible

Direct quote from Mt. Gox Trustee Kobayashi, which indicates that his sells will NOT affect the price of Bitcoin.

 

What do you feel about “The Mt. Gox Trustee Sells 16000 BTC & BCH”?

Until Next Time…

Faith Sloan “QueenWiki” 
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Queen Wiki

Faith Sloan also known as "Queen Wiki" is a cryptocurrency advocate, evangelist and educator. She has been a software engineer for 40 years and builds Decentralized Apps (DApps) on the Ethereum blockchain and plays with Tech toys. When she is not teaching, researching and writing about Cryptocurrencies and the Blockchain, she's advising companies and traveling the world while feeding her eating hobby.