This was the actual reason for the latest Bitcoin dumps

talkbitcoin

legendary

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All I know is that I know nothing.

Quote from: AGD on March 08, 2018, 03:42:52 AM

...he has sold off about $400 million in bitcoin and bitcoin cash since late September....

daily trading volume of bitcoin is nearly $10 billion now and back in September it was even more
same with bitcoin cash it is currently at $500 million.

i don't think such dumps can cause such crashes specially since people selling this much size are either selling it off the exchanges because of tax problems and lots of other concerns or they do it little by little to both evade those problems and also not crash the market.

not to mention that by late September price was $4000 and rising towards $8k then $10k and finally $20k! how could he be dumping and crashing the market while price has been rising?!

Jonsnowstark

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I read some speculations on why the huge dump in bitcoin price happened and it was mentioned that the whales sold off their coins at the peak price, a huge shitload of bitcoins at that. This could justify that. I believe bitcoin works in a supply and demand scheme. All in all the huge decline in bitcoin price surely is because a huge sell off accompanied by the negative news released by some countries like korea and china and topped with panic striken weak hands that sold off their coins the minute the price started to plunge.

metenjean

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Its being said that he already dumped since september and the latest was a few days before bitcoin hit $6k mark which had already bounce up until now, and since the price become stable in the $9,000 - $10,000 area for the recent weeks then there is possibility that they already had enough dumping and starting to revise their strategy to buy on dip sooner or later with huge fund.

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Still, Bloomberg reports that Kobayashi is sitting on another approximately $1.9 billion, which he says he plans to offload soon...

AGD

legendary

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Keeper of the Private Key

https://www.zerohedge.com/news/2018-03-07/bitcoins-tokyo-whale-sells-400m-bitcoin-bitcoin-cash

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Meet The 'Man' Who Crashed Bitcoin In 2018

Bitcoin's Tokyo Whale (not to be confused with that Tokyo Whale) revealed on Wednesday that he has sold off about $400 million in bitcoin and bitcoin cash since late September.

Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox, the largest bitcoin exchange in the world before hackers absconded with tens of thousands of customers' bitcoins worth billions at recent prices, said he started selling in late September, meaning it's quite possible he sold at least some of the coins at the highs reached toward the end of last year.

Kobayashi made his disclosure in the report from the 10th creditors' meeting, which took place Wednesday.

In the report, he said he'd started selling off the bitcoin and bitcoin cash to raise money for disbursements that the trustee will soon need to begin making as bankruptcy claims are being evaluated, per Bloomberg.

Which brings us to the crash of Bitcoin from December 2017 through February 2018.

As Odell points out "More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well."

Odell explains "The arrows on the chart above mark the dates of each Gox wallet transfer. Worth noting, these aren't the dates of the sales, those most likely happened right after, these are the dates of the transfers to the exchange."

So that explains - or reveals - the mysterious man on the offer-side of Bitcoin for two months.

Still, Bloomberg reports that Kobayashi is sitting on another approximately $1.9 billion, which he says he plans to offload soon...

Notably, buried deep in the report, Kobayashi disclosed that he's asked US prosecutors for more information about the arrest of Alexander Vinnik, a Russian national who was charged with laundering $4 billion in stolen Mt. Gox profits through his old exchange, BTC-e.

It's unclear whether Kobayashi is planning on trying to recover some of these funds...

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