Why did the Bitcoin Market crash ?
Mt Gox a controversial Japanese exchange which was the sole FUD in 2011 due to the hacking of its customers from their accounts has struck again in 2018.
The MT Gox trustee has sold half a billion worth of bitcoins and bitcoin cash since December 2017. He sold the first batch of 6K bitcoins on 22nd December which plumetted the price of bitcoin from 16K $ to just above 11K $.
This wasn't the last time he waited for the market to recover and then again dumped 8K bitcoins on January 17th which crashed the market another time. This guy even tried to just destroy the market when he sold his bitcoins again this time when bitcoin was at its bottom around 6K $ but guess what the market absorbed it and recovered and jumped back to 10k $.
What worries us is even after these incidents the same guy may have 180K bitcoins still which can be used to manipulate the market easily. All of this is being done in a manner to pay back its crediters whose accounts were hacked on the MT Gox exchange. This case makes it the fourth time that MT.Gox caused a crash either directly or indirectly, the first time was the hack in 2011 then a DDos in 2013 and 2014 this is when they went banckrupt and now this sell off. Despite all their efforts Bitcoin has shown admirable resilience and is here to stay. Once all this saga is over Bitcoin price will skyrocket to new heights in the future.
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Very good news posted bro
Nice post
I like it
would u like to upvote in my post
Good post
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@shaheerbari - great post and information on Mt. Gox and how their actions affected the cryptomarkets. It is interesting that this company and its owners are still having an effect on the Bitcoin market. Great post!