The Bitcoin Gold market offer could suddenly increase by 664,000 coins

On Tuesday, February 20, an unknown user released 664,000 BTG coins that had been lying motionless since the launch of the Bitcoin Gold network last fall. This could lead to the largest one-stage increase in the offer of BTG coins for the whole short history of the existence of the "new digital gold". This is reported by CCN.

As it was previously reported, the Bitcoin Gold crypto currency was formed as a result of the harsh press, held on October 24 last year. The network was not launched immediately, but several weeks after the completion of the premiere.

The holders of bitcoin have the opportunity to obtain an equivalent number of BTG coins. Many hastened to take the necessary action to obtain new coins in the first weeks. However, in all likelihood, not all holders of large amounts in the crypto currency have done this.

Below is a graph that illustrates the dynamics of obtaining BTG coins by bitcoin holders:

One of the engineers of the cryptostartup Blockchain, who created the service forks.network, connects this transaction to the bitcoin-service Xapo. In his opinion, the action was committed on the initiative of one of the institutional clients of the popular service.

It remains a mystery why this unknown cryptoinvestor did not extract the BTG coins before and did not sell them when the Bitcoin Gold market rate reached a mark above $ 400. Currently, the weighted average rate of BTG is around $ 125.

Be that as it may, the Bitcoin Gold crypto currency can not now be called a highly liquid altcoyin. According to the volume of market capitalization, the coin is on the 20th place of the Coinmarketcap rating, and the daily trading volume of BTG hardly exceeds $ 40 million.

The current value of the above 664,000 coins is $ 82.7 million. Thus, the sudden release of Bitcoin Gold coins to the market is unlikely to have a positive effect on the course of this relatively young crypto currency.

Earlier ForkLog reported that in November last year, more than 3200 user wallets were devastated by intruders as a result of the vulnerability of the only at that time BTG-purse Mybtgwallet.