Bitcoin (BTC) has been highly volatile over the past 10 days, with an average daily range frequently exceeding US$1,000. The market cap now stands at US$162.6 billion on US$5.66 billion in trading volume over the past 24 hours. The BTC market cap currently accounts for 44.65% of all cryptocurrencies.
During the end of the bull run in December, BTC experienced a rather large supply shock. As discovered by a Reddit user, the Mt.
Gox bankruptcy trustee, Nobuaki Kobayashi, moved 36,000 BTC, which according to the wallet address transaction times, was sold in five lots between December and February. Those transactions directly correlate with drops in the BTC price (white asterisk).
The trustee was authorized to sell both BTC and Bitcoin cash to cover debts amounting to over US$400 million. The most recent creditor meeting report can be viewed here.
The next court proceeding related to the bankruptcy isn’t scheduled until September 18th, 2018. It’s unclear whether the coins were simply market sold directly on an exchange like Bitfinex, or if an attempt to sell the coins OTC was made first. Read more from bravenewcoin.com…
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