Menu IconA vertical stack of three evenly spaced horizontal lines. mt gox bitcoin exchange million of bitcoin since the end of last year. Bitcoin investors blamed the large sell orders for a slump in bitcoin’s price at the start of the year. Many investors believe Mt Gox’s trustees can’t sell any more bitcoin until the next creditors meeting in September.
The expected pause in selling is helping bitcoin rally from recent lows. LONDON — The price of bitcoin is rising against the dollar on Tuesday morning amid chatter among investors that a major seller is unlikely to continue to offload more bitcoin in the near future. 400 million since the end of last year. 7 billion that could be dumped onto the market at a later date. The next Mt Gox creditors meeting is not until September 18. Still, hopes that the large sell orders will at least be paused for a while are helping bitcoin to recover from its recent lows.
Get the latest Bitcoin price here. Menu IconA vertical stack of three evenly spaced horizontal lines. The sales are depressing the price. Bitcoin represents nothing except its price, and the price reflects supply and demand. Complaining about sales that depress the price of bitcoin is therefore like complaining about bitcoin itself.
LONDON — Nobuaki Kobayashi, the trustee for the bankrupt cryptocurrency exchange Mt Gox, has had a rough week. Nobuaki Kobayashi is some kind of special moron selling the bottom of a correction pushing the price down even further. To make those creditors whole, Kobayashi is selling Mt Gox’s remaining Bitcoin assets and handing them the cash equivalent of what they lost, or at least a percentage of it. No good deed goes unpunished, however. Mt Gox sales have been so massive they appear to have either caused or contributed to the Bitcoin crash that halved the price since Christmas. 9 billion to sell, according to Bloomberg. The more he sells, the lower the price goes, the angrier the hodlers get.
All they are complaining about is the fundamental condition of bitcoin itself. They are complaining about the clearing price of supply and demand. In 2014, Mt Gox was the largest bitcoin exchange on the planet. The value of bitcoin has massively increased.