HOW MTGOX did it again?
During the liquidation of MTGOX assets the laywer Nobuaki Kobayashi has sold 36,000 BTC and BCH crashing the market. (Sept to February)
That's not enough to "kill" bitcoin but enough to provoke panic selloffs. See the charts showing dates when he sold.
The scary part? He has still 166,000 BTC and BCH to sell.
As you can see his mass sellings remind the "panic sells" and move the markets down. Of course he is not the only reason of the crash but one of the main panic-creators for sure. He is not a professional trader and as we can see he is often acting on FUD and selling during the dips based on fear provoking even more selloffs from newbies and weak hands.
The good part? The market is strong enough to absorb such huge selloffs but they don't go unnoticed and usually provoke huge drops and panic sells. So basically as soon as the prices will be high enough mr Kobayashi will continue his selling journey which is one of the reasons 5th Elliot wave may continue to the new dips. Bitcoiners have to pay $1.9 Billion to get rid of Kobayashi funds. Is it big? Well 24 hour trading volume is $9,413,420,000 so it's not as big and dramatic to crash or kill bitcoin, just to create some turbulence.
During the liquidation of MTGOX assets the laywer Nobuaki Kobayashi has sold 36,000 BTC and BCH crashing the market. (Sept to February)
That's not enough to "kill" bitcoin but enough to provoke panic selloffs. See the charts showing dates when he sold.
The scary part? He has still 166,000 BTC and BCH to sell.
As you can see his mass sellings remind the "panic sells" and move the markets down. Of course he is not the only reason of the crash but one of the main panic-creators for sure. He is not a professional trader and as we can see he is often acting on FUD and selling during the dips based on fear provoking even more selloffs from newbies and weak hands.
The good part? The market is strong enough to absorb such huge selloffs but they don't go unnoticed and usually provoke huge drops and panic sells. So basically as soon as the prices will be high enough mr Kobayashi will continue his selling journey which is one of the reasons 5th Elliot wave may continue to the new dips. Bitcoiners have to pay $1.9 Billion to get rid of Kobayashi funds. Is it big? Well 24 hour trading volume is $9,413,420,000 so it's not as big and dramatic to crash or kill bitcoin, just to create some turbulence.
Lets just hope that there will not be such a big FUD campaign about the upcoimg september sell off + that the legislatures dont (overly) abuse the situation to bann/regulate/shunn etc. crypto overall.
