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.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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