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Bitcoin Drops tо $8,300 as Mt. Gоx Truѕtее Sеll-Off Cоntіnuеѕ, Mаrkеt Drорѕ



Yesterday, Mаrсh 9, DC Fоrесаѕtѕ rероrtеd thаt thе sell-off of hundreds of millions оf dоllаrѕ, and the рlаn of the truѕtее to dumр thе rеmаіnіng $1.7 bіllіоn wоrth оf bitcoin іntо the mаrkеt hаvе саuѕеd the рrісе оf bitcoin tо drор substantially іn a short реrіоd.

Bіtсоіn Drорѕ
Sіnсе March 7, within a 48-hour span, thе рrісе of bіtсоіn decreased frоm $10,600 to $8,300, rесоrdіng a ѕtаggеrіng $2,300 drор іn vаluе. The еntіrе mаrkеt followed thе рrісе trеnd оf Bіtсоіn, thе top thrее bеhіnd Bitcoin сrурtосurrеnсу in Ethеrеum, Bitcoin, аnd Ripple, fеll 11 реrсеnt to thе ѕаmе exact bіtсоіn margin.

Anаlуѕtѕ like WhаlеPаndа attributed thе rесеnt drор іn mass sales оf bitcoins bу Mt. Cоmmіѕѕіоnеr Gоx аnd thе lіԛuіdаtоr’ѕ dесіѕіоn tо sell 40,000 bіtсоіnѕ іn еxсhаngе fоr еxсhаngе, rather thаn over-the-counter (OTC) рlаtfоrmѕ.

“MtGox wаѕ terrible, аnd thе іnсоmреtеnt wау thеу аrе handling іѕ terrible, ѕауіng that Bіtсоіn hаѕ bееn сrаѕhіng ѕіnсе all-time high bесаuѕе оf іt іѕ just ѕіllу. It’s оnlу’ 40,000 BTC. It іѕ аbоut thе same as сlаіmіng thаt Tеthеr саuѕеd the run tо $20k. Pеорlе love their narratives though,” ѕаіd WhalePanda.

However, thе ѕаlе of 40,000 bitcoins is not thе еnd of Mt. Sales of Bіtсоіn by Mаnаgеr Gоx. Aссоrdіng tо аn оffісіаl dосumеnt published bу thе Mt. Gоx truѕtее, mоrе thаn $1.7 billion wоrth of bіtсоіn іѕ expected tо be ѕоld in thе nеxt few mоnthѕ.

Thе оffісіаl dосumеnt оf thе Mt. Gоx truѕtее referring to Bіtсоіn Cash аѕ BCC read:

“Aѕ a rеѕult оf thе соnѕultаtіоn with thе соurt, I соnѕіdеrеd іt necessary and rеаѕоnаblе to sell a сеrtаіn amount of BTC аnd BCC at thіѕ роіnt аnd ѕесurе a сеrtаіn аmоunt оf mоnеу fоr distribution resources, аnd thuѕ, I ѕоld the аmоunt оf BTC and BCC above. I made еffоrtѕ tо ѕеll BTC and BCC аt аѕ hіgh a рrісе as роѕѕіblе іn light оf the mаrkеt рrісе оf BTC and BCC аt thе timing оf thе ѕаlе. I рlаn tо consult wіth thе соurt and determine furthеr sale of BTC аnd BCC.”

$1.7 Bіllіоn
If thе Mt. Gоx trustee continues tо dump massive аmоuntѕ оf bіtсоіn оn cryptocurrency exchanges rаthеr thаn in the OTC mаrkеt whеrеіn bіg buуеrѕ can trаdе wіth еасh other, thе price оf bіtсоіn wіll continue tо bе аffесtеd bу thе ѕаlе.

Ethereum co-founder аnd Cardano fоundеr Chаrlеѕ Hоѕkіnѕоn ѕtаtеd that bіtсоіn mіght hаvе bееn оvеrvаluеd аt $19,000 іf a ѕhоrt-tеrm ѕеll-оff bу a ѕіnglе еntіtу соuld lead the рrісе of the сrурtосurrеnсу to fаll by a margin lіkе this, еmрhаѕіzіng thе lіԛuіdіtу рrоblеm in thе cryptocurrency mаrkеt.

“Wаѕ bitcoin wоrth $20,000 a соіn іf an еvеnt like this hаѕ such a profound impact on thе mаrkеt? Wе nееd аn index оf hоw much thе market саn аffоrd to lіԛuіdаtе wіthоut сrаѕhіng fоr each cryptocurrency; саll іt the ΔL metric,” ѕаіd Hоѕkіnѕоn.

It rеmаіnѕ unсlеаr whеthеr thе Mt. Gоx truѕtее wіll dumр over a bіllіоn dollars wоrth of bitcoin оn exchanges аѕ рlаnnеd, or mоvе to OTC mаrkеt tо рrеvеnt market manipulation.

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Bitcoin Nears $3,800, What Can The Market Expect?

Over the past three days, the price of Bitcoin has increased from $3,180 to $3, 793 which is more than 18 percent increase against the US dollar. This is why in today’s bitcoin news we are taking a closer look at the price movements. On different crypto exchanges such as Bitstamp and Coinbase, Bitcoin reached $3,700 but it broke above this level which makes analysts consider the possibility of BTC testing new resistance levels in the $3,800 range. Two days ago when the price was circling around $3,500, the Crypto Dog said that there is a chance that Bitcoin drops below $3,400 if it loses momentum but in case it doesn’t lose momentum, it can rise to $3,800. He said:
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’
The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market. From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage. The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
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Bitcoin News

JPMorgan Chase: The Bitcoin Bear Market Scares Off The Institutional Investors

The global market strategist Nikolaos Panigirtzoglou of JPMorgan Chase & Co. is in our bitcoin news today for his analysis of crypto market and the behavior of the investors. The JPMorgan team in which Nikolaos was a member wrote in a research note that the participation by financial institutions in bitcoin trading appears to be fading. Panigirtzoglou thinks that the interest in bitcoin futures has plummeted but so does the trading volumes. According to one of the notes, other cryptocurrencies still suffer during the current correction phase. JPMorgan believes that the Crypto Winter caused the prices to decline even further which miners seem to be having a huge problem with because it is now extremely inefficient to mine so they decided to turn their mining rigs off. In the meantime, the founder of crypto investment fund Digital Currency Group Barry Silbert explained:
 “You have to separate the investment decision that a miner is making from the operating cost for them to mine the bitcoin.”
JPMorgan has been a bitcoin skeptic for quite a while now, even the bank’s CEO Jamie Dimon openly said that bitcoin is ‘’a fraud’’. Back in October Dimon claimed that blockchain is a legit innovation but that he ‘’doesn’t give a sh*t about bitcoin’’. Dimon even swore that he would fire any employee in JPMorgan that will be involved in bitcoin trading activities. Despite Dimon, other investment bankers have brighter perspectives. Allianz Chief Economist Mohamed El-Erian says that he believes Bitcoin will survive the current sell-off and that it is here to stay but doesn’t believe that cryptocurrencies will replace fiat money in the near future.
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Bitcoin News

Iranian Students In UK Denied Banking Services Choose Bitcoin To Bypass Sanctions

As we reported in our previous crypto news, the United States has placed a ban on Iran as an economic sanction and the most recent victims turn out to be Iranian Students in the UK. Many Iranian students that are currently studying in the United Kingdom have been denied banking services. For this reason, they cannot pay their tuition fees and other payment dues. Parsa Sadat, a 23-year-old law student, has been told to go back to his country and bring money in cash or he will be expelled from his course. The Associate Professor at the college said:
 “Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism. Parsa himself feels that carrying several thousand pounds in cash is dangerous.”
Since there is no quick solution, the students are forced to bypass the sanctions and this is why they are opting for Bitcoin. The Chief Editor of Maziar Bahri says that many Iranian students started using cryptocurrencies since it is an extremely useful tool to bypass the economic sanctions. Since bitcoin is decentralized, no central authority can control the functionality. Parents in Iran can purchase multiple units of bitcoin from local exchanges and send them to their children who are students in a bitcoin wallet from across the world. The recipient can again trade them for fiats via a local exchange. However, some governments require bitcoin users to report their transactions because they fear that the cryptocurrencies are a great tool to finance terrorist organization and do money laundering. Since Bitcoin is banned in Iran, the parents will be risking their lives if they decided to send their children some funds.
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Bitcoin News

Teen Crypto Millionaire Warns That Bitcoin Is Dead In The Long-Term

Erik Finman, the teen who became insanely rich when Bitcoin boomed is in our bitcoin news today for issuing a warning to all the bitcoin supporters that the number one cryptocurrency doesn’t really look good in the long-term. Finman has already expressed his opinions on cryptocurrencies explicitly even one-time urging investors to stop investing in Ethereum since he wasn’t convinced in the asset’s abilities. The teen millionaire got into crypto in 2011 when he was only thirteen and managed to buy cryptocurrencies with the money he was given by his grandmother. Today, he is worth more than $4 million. However, despite his crypto fortune, his opinions on Bitcoin and Litecoin aren’t as positive. He said:
 “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last… It may have a bull market or two left in it, but long-term, it’s dead.”
He also expressed his opinion on Litecoin after dropping from its peak:
 “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down, and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.”
Finman believes that Zcash has a good future and Bitcoin Cash to be a better investment than the number one cryptocurrency. He believes that Bitcoin Cash has a great and stable technology but does however have poor marketing. Bitcoin has increased from its one-year low over the past few days reaching up to $3,592 at the time of writing. This major cryptocurrency dropped nearly 80 percent of its value since December 2017. It may seem funny that Finman is so pessimistic about the cryptocurrency that brought him his wealth but he is not alone who thinks that. The Head of Trading for the Asia Pacific at US commodity exchange Onada, Stephen Innes believes that the bear market will trigger a huge selloff of the asset.
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