Misery loves company

Three stories today weren't helpful. 

First, the Mt. Gox trustee is reportedly dumping ridiculous amounts of BTC on traditional exchanges, squaring off with mom and pop investors. It is hard to verify, but if true, it does raise questions: why not lay off the trades with a large OTC desk that can handle the size? 

Mt. Gox was victim of the biggest crypto hack ever and these BTC sales are an attempt to pay back stakeholders who lost money in the hack, keeping a lid on prices.   

Second, Nvidia announced sales for mining processors would fall sharply. Is this a surprise? I don't see how it could be but it's not aiding sentiment either. 

Third, the investigation of South Korean exchange UpBit for fraud is yet another perceived negative. Of the three, the Upbit news item is the worst because the first two aren't that shocking - at least to us. And honestly, we don't understand why penalizing bad actors is viewed as a negative. It's good news that regulators punish companies that don't play by the rules. We have no idea if Upbit falls into category or not but even if they do it gives us zero inclination to sell our digital assets. 

All in all, we're not that worried about this spate of "bad news". We truly don't see much here to be concerned about.

Stay tuned to CryptoMedics for your daily dose of crypto medicine!

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