Since March 7, within a 48-hour span, the price of bitcoin decreased from $10,600 to $8,300, recording a staggering $2,300 drop in value. The entire market followed bitcoin’s price trend, as the three largest cryptocurrencies behind bitcoin in Ethereum, Bitcoin Cash, and Ripple all declined by 11 percent, by the same exact margin as bitcoin.
Analysts like WhalePanda have attributed to the recent fall to the massive sell off of bitcoin by the Mt. Gox trustee, and the controversial decision of the trustee to sell 40,000 bitcoin on a cryptocurrency exchange, rather than over-the-counter (OTC) platforms.
“MtGox was terrible and the incompetent way they are handling is terrible, saying that Bitcoin has been crashing since all-time high because of it is just silly. It’s only’ 40,000 BTC. It is about the same as claiming that Tether caused the run to $20k. People love their narratives though,” said WhalePanda.
However, the sale of 40,000 bitcoin is not the end of the Mt. Gox trustee’s sell off of bitcoin. According to the official document released by the Mt. Gox trustee, more than $1.7 billion worth of bitcoin is expected to be sold in the next few months…