A new sellout by the Tokyo Whale in the Mt. Gox wind-down is apparently what is causing the Bitcoin price to drop lately – and a topic that is present in every portal covering the latest Bitcoin news.
The trustee liquidated cryptocurrencies on behalf of the defunct exchange Mt. Gox – offloading another 25.98 billion yen (approx. $230 million) of Bitcoin and Bitcoin Cash. The disposals were made in the period since the 10th creditors in a meeting that was held on March 7th, according o Nobuaki Kobayashi said in a statement on Tuesday.
Currently, many digital coin investors are following the moves of Kobayashi who is known as the “Tokyo Whale” because of the heap of tokens that he controls. Meanwhile, the Japan-based Mt. Gox which was once the largest Bitcoin exchange, filled for protection from creditors about 4 years ago.
The defunct company later said that it recovered about 200,000 Bitcoins and blamed the Bitcoin hackers for the loss. The latest disposal, however, received an average price of $8,100 per Bitcoin, according to some calculations.
As a result, the pricec of Bitcoin fell by 3% and is currently trading at $6,418.
Bitcoin Is Hedge Against Global Liquidity Crises: Grayscale Investments
“Between the day of the announcement and the trough of the drawdown, Bitcoin largely outperformed the following major markets and currencies, producing a cumulative return of 53.6 percent versus an average return of -10.1 percent.”Bitcoin was used to hedge against the Chinese liquidity risk, caused by local investors when they sold their assets against a structural currency devaluation. When it comes to Brexit as a topic in the altcoin news, during the first one-day global selloff of the pound sterling (GBP) and euro, the researchers found that "Bitcoin was a top performing asset" which boasted a return of 7.1% on strong volume versus an average of -2.1% for the rest of the group of currencies. On top of this, the researchers find cause to recommend because the details of the transaction plan are still being worked out.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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