Topic: Mt. Gox cold wallet moves 8200 BTC. Might this be the cause of the latest crash? - page 2. (Read 390 times)
May 11, 2018, 12:46:37 PM
Not always when the price goes up or down it has to be related to something. In all the years I have been here it's like people still haven't learned that market movements don't require to have any underlying cause. If someone for whatever reason needs to dump a certain amount of coins, he will do it without looking at any technical charts worrying about critical points. It's a market where greed and fear play an important role. We are dealing with a lot get rich quick minded traders here -- if the price isn't moving up in a matter of days or weeks, they will dump out of boredom, or dump to on purposely trigger market activity....
May 11, 2018, 12:03:45 PM
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]
No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.
This is how supply and demand works.
Again this is how media works,exaggerating every simple things just to buy their news
The sad part is,weakhands believe this and maybe withdrawn their funds to secure their funs.
How suck this people do ,i wish that market recovers again and reach the $10,000 dream price
May 11, 2018, 10:19:44 AM
The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.
Funny how just a few hours later those coins are worth only $70 millions.
And it might get really funny if he hasn't yet sold the coins and he is planning to, we'd go for sure below 8000$.
Those rumors, Upbit raid and we're going to get another week of bear market, I doubt we will see 10k$ even with the hype for the Bitcoin Consensus.
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]
No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.
This is how supply and demand works.
If that address is owned by an exchange who is involved in selling the coins then, it's a sell.
It also might be an OTC trade, who knows...apart from Kobayashi, that is
.The annoying part is that he should publish what he plans to do or at least what he has done with those coins right after the transaction.
May 11, 2018, 08:44:07 AM
I personally think the failed attempt to break $10,000 was the actual trigger, but it doesn't matter anymore.
If MtGox is cashing out (with governmental incentive), and I say if, it's the best possible news because that means the number of coins that they have in stock is only decreasing.
While people are going nuts and start panicking, I am getting excited because the less large holders there are, the less influence they can practice on this market. In other words, buy as many coin as you can while you guys still have the opportunity to do so. It's impossible to tell how heavy these coins weigh on the sentiment, but seeing that wallet shrinking in number of coins feels incredibly well.
If MtGox is cashing out (with governmental incentive), and I say if, it's the best possible news because that means the number of coins that they have in stock is only decreasing.
While people are going nuts and start panicking, I am getting excited because the less large holders there are, the less influence they can practice on this market. In other words, buy as many coin as you can while you guys still have the opportunity to do so. It's impossible to tell how heavy these coins weigh on the sentiment, but seeing that wallet shrinking in number of coins feels incredibly well.
May 11, 2018, 05:14:13 AM
I think this is just a technical correction of BTC movement triggered by the 8k sell rumor of Mt.Gox. 8k sell is not enough to explain this drop solely.
Of course, there are many people who remember the last sell of Mt.Gox. and the 6k USD dip.
Of course, there are many people who remember the last sell of Mt.Gox. and the 6k USD dip.
May 11, 2018, 04:58:16 AM
I think that it's extremely likely that people are just making a big fuss out of this for nothing, there is no evidence that these coins are actually dumped. All that is shown is that the coins have been moved, and nothing else.
But traders and media like to overreact to these sort of happenings, and make it seem like that BTC is imminently going to go down as a result of this, which is probably not the case.
In fact, this dump could be completely just because of the fact that resistance at $10k was too strong, and BTC actually tested that level multiple times with no avail. In that case, anyone can see that a correction was going to come, but it was only a matter of time.
But traders and media like to overreact to these sort of happenings, and make it seem like that BTC is imminently going to go down as a result of this, which is probably not the case.
In fact, this dump could be completely just because of the fact that resistance at $10k was too strong, and BTC actually tested that level multiple times with no avail. In that case, anyone can see that a correction was going to come, but it was only a matter of time.
May 11, 2018, 01:02:24 AM
No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.
This is how supply and demand works.
That amount of btc can pretty much cause a best market if FUD got spreaded wide after that amount of btc has been sold. Somehow, it is quite scary for Mt. Gox address to send out btc. Probably the one who received it might have had strong connection to the trustee. Whoever he/she is, it would not be good if the one who receive those btc are someone who will likely dump soon. This is how supply and demand works.
May 11, 2018, 12:13:24 AM
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.[/i]
No. Movement of bitcoin from a wallet address known to be owned by Mt Gox would not cause a bear market. The funds were only moved from one bitcoin wallet to another bitcoin wallet - that's not a sale, that's a transfer. A bear market could only be caused by one transaction if that transaction was to sell Bitcoin for a fiat (or any other) currency.
This is how supply and demand works.
May 11, 2018, 12:07:03 AM
Is there any possibility that a group of people unrelated to the process files a petition in court asking them to prohibit such movements?
Or at least demonstrate a roadmap about what they want to do with the BTC? This is messing up the market and people. Imagine if instead of BTC they had the same market share of a country currency, or shares of a company, or government securities. They could break down and bring panic to various people, companies, and organizations.
The BTC market is not regulated for normal people. But this is a trust designated by justice, so it is expected that it will have full transparency with all.
Or at least demonstrate a roadmap about what they want to do with the BTC? This is messing up the market and people. Imagine if instead of BTC they had the same market share of a country currency, or shares of a company, or government securities. They could break down and bring panic to various people, companies, and organizations.
The BTC market is not regulated for normal people. But this is a trust designated by justice, so it is expected that it will have full transparency with all.
May 10, 2018, 09:33:40 PM
@ZaoXhou. Agreed, that might be it. Also the bitcoin news media outlets also love to spread FUD based on anything they see that would sell.
Similar to the news about Ethereum last weekend. The bitcoin news sites said the SEC was going to make a decision on Ethereum's classification as a security. But the truth, it was nothing but a closed door discussion about blockchain technology.
Similar to the news about Ethereum last weekend. The bitcoin news sites said the SEC was going to make a decision on Ethereum's classification as a security. But the truth, it was nothing but a closed door discussion about blockchain technology.
May 10, 2018, 09:12:43 PM
Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.
In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.
The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.
Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump
In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.
The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.
Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump
The trustee would have had to get permission from the judge in order to do a sell off.
It's suspicious but it could also be another group or person anticipating a gox dump by monitoring their wallet.
May 10, 2018, 08:40:34 PM
Before anyone accuses me of spreading doom again as someone told me hehehe, this thread is for the sake of speculation and discussion only. Please humor me.
In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.
The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.
Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump
In any case, I was under the impression that the Mt. Gox trustee was given a court order not to touch those coins. I do not know what really happened, but the timing of the transaction and the market dump hours later is very conspicuous.
The transactions from the Mt. Gox cold wallets occurred in the early hours of the morning in Europe and 11 pm EST in the US. The transactions were sent to the address 1LncfoCX1yzuiW3hzejarvgZ1WahnAQ4o4 and totaled 8,214.97084 BTC, which is worth around $76.7 Million at press time.
The original movement Mt. Gox funds are thought to have kicked off the bear market starting in January of this year. But this time it’s different; institutions are coming to the crypto markets, and how these markets will react to this new movement of funds remains to be seen.
Read more https://blokt.com/news/mt-gox-cold-wallet-moves-8200-btc-will-bitcoin-dump
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