Topic: Why is this Mt Goax news causing so much movement in bitcoin prices ? (Read 214 times)

Its absolutely normal to feel fear when you go through your first dip. Know this there will be more of them, and each time you go through them you will get a bit stronger and wiser. Your going to make some mistakes, if you do dont beat yourself up take it as a learning. Keep accumulating to the best of your ability.

At some point in the future you will be replying to someone like this saying the same thing.

because fear is what allow you to manipulate the price and it doesn't cost anything  , the news about mt gox is so overblown, actually if its not for the constant fear of Mt Gox news that keeps coming out, people will not care.
if we are being frank, the news of Mt Gox has already been there from a long time ago, people know eventually Mt Gox will pay its vicitims but surprisingly right now people acts as if it's the doom of bitcoin, while it really is just them being paranoid.
the market could easily endure all those potential sell off of BTC just fine, the time german government decide to dump their BTC to the market, there are so many BTC sell off outweigh the what Mt Gox gonna distribute but the price just dumps a little, it's only when the news of BTC dumped by german government spread that market become a bit frenzied.

We can't really blame anyone who finds themselves in a situation where they want to sell, after being presented with an opportunity to recover their losses after years of no access. I imagine how some of these people who used this exchange a long time ago have managed to cope and fight for a refund of their money. I am quite sure that some people won't even be claiming their assets because they are no longer alive. Despite all this drama, I agree with you, there are some people who will not sell much but will rather hodl, as the future of Bitcoin is clearer to everyone now than it was when the incident occurred. Moreover, how the market reacts to such news is our major concern. We hope to see a bullish trend soon, rather than the opposite.

Yes, there will always be enough liquidity even if a large amount of bitcoin is sold at the same time. But there will also be many whales who want to buy cheaper and they will certainly find ways to push the price lower, and that is the reason bitcoin prices have dropped in recent days. And if more bitcoins are sold on the market, the price will drop even more and that's inevitable even though there will always be people buying back all those bitcoins.

Of course, in the long term, nothing can stop bitcoin's growth, but we cannot deny its short-term impact and what we discussed is only about the short-term impact.

Approval of Bitcoin Spot ETF is already price-in, halving is done, and then as others have said, not just the Mt. Gox news, but the German government dumping their Bitcoin obviously affected the market. However, if you look at the last 24 hours, we've seen to recovered already, so no need to panic. And as per CMC $2.11 Trillion increased in the last 24 hours so that is a big numbers already and it might start the recovery process for this year. If you are in a panic mode, then it's better to just look at the bigger picture and not just look at what is happening in the last week or so. The market is going to be very volatile no matter what so you need a lot of patience here, and again, not be nervous or panic sells.

Well these people that is owed coins from Mt. Gox are not happy with the rate for the conversion being paid back to them.  There is also alot of news from the German government that is causing these big price declines in all crypto.

But these people are going to get their coins and this is important. I do think price of Bitcoin will go back up and more then all time high this year. Its price for now is not so important for me.

Investors are constantly trying to predict the next movements of crypto market, so if they see news stating large sums of money are going to be dropped for sale, they conclude prices are going to fall, as supply is likely to overcome demand on short run.

It leads the market to further crashes, as besides the sales which were already going to happen anyway, investors also add another batches of coins for sale fearing the news. In practice, it works like a cascade effect pushing the market into a bearish trend.

However, so far it hasn't being so bad at all... Bitcoin is still above 56,000$, having even reached 58,000$ recently. I'm not 100% assured about what is going to happen this week till the end of the month, but there is still hope Bitcoin already hit the bottom and will just go up from now on.

The impact from the ETF approval was already done a few months ago, and it helped bitcoin jumped around 50% - 60%. Bitcoin's price is volatile due to other news. It's linked to the sell off by germany government and big entities like MtGox.



Though, you called that bitcoin has so much volume, but you forget if it was a selling volume. Retail investors are scary to jumping in, and again, a lot of outflow from the bitcoin ETF market was also contributing to the panic sell off in bitcoin market.



look at btc etf flow table.


Yes it is. The Germany government's sell-off made crypto turn to red. Then, things got worse with the news that MtGox will repay creditors soon. Lucky me, i have some cash, and i shorted the market.

I'm only worrying if retail investors are afraid to enter the market. Because of that, bitcoin will slowly recover from their bottom.

It's so weird to see people keep feeling good by saying "bitcoin has tens billions daily trade volume", but come on man, it was selling volume, not buy.

Yesterday, a Japanese company bought millions worth of BTC. This news helped the market bounce back. But, be ready, because we are not yet free from the dump.

The government and mtgox creditors sell-off are still threatening the crypto market. But, situation will improve once all of mtgox and germany govt's bitcoin is sold.

Retails are scared to be used as their exit liquidity, that's why btc is very volatile these days.

Mtgox case have been around for a while now and many bitcoin investors both long term and short term investors are always looking out for news as related to mtgox bitcoin release because it has a track record of affecting the price of bitcoin each time the funds get released because those receivers will immediately head to the market to dump they bitcoin there.


If anyone is not patients in the cryptocurrency market they can make any positive head ways, since it proven always that the cryptocurrency market take money from the impatient faster than fire melt away oil, aside that this week have been filled with lots of bad news so the impact is currently significant on bitcoin who is the sole propeller of the market.

I think the Mtgox news is not so horrendous in the market because the distribution of their coins to their creditors is not immediately but there is a period of up to 90 days that I know from the news and some people's statements here.

So it is unclear what percentage Mtgox has started releasing their bitcoin to their creditors.

What became hot was the news from the German government that continued to sell its Bitcoin, this was tracked on several onchain detection platforms wherever the government's Bitcoin flow went, it was discovered that some of it was transferred to the exchange maybe there to be sold and caused the market to crash.

If you sell on the OTC market, this will not have a big impact on the market, but it is different to sell in large quantities on spot trading, where the usual price will fall further.
I think with this drop being temporary it is only because of the influence on the German government which I see continues to send large amounts of btc to several exchanges as we know on social media so this will cause a temporary panic whereas we should continue to hold or buying is a better move.

Whether they sell bitcoin on the OTC market or directly in the exchanges, there is always a buyer to buy them 

We need to realize that there is very limited supply of Bitcoin and these sell off won't make any impact in the long run. The market is giving another and maybe the final opportunity to buy bitcoin below 60K. Remember bitcoin stayed above 60K for the last few months and those who did not took positioned in BTC wished if they could get it below 60K. Now is the time to buy bitcoin. 

This movement with the decline of bitcoin was influenced by the FUD of the German government selling their BTC back to the exchanges.

Today Germany sent 5200 BTC back to the exchanges to sell and this caused panic because some said Germany did not sell on the OTC market.

I will continue to follow X ArkhamInterl for more updates. https://x.com/ArkhamIntel/status/1810331451348386106

There is discussion on the issue of this drop. German government having second thoughts.

Its definetly not just one thing, you could ignore all news if you wanted and just pay attention to the graph.   We rose alot, some people will sell as they always do.   Some people have to sell because they borrowed money to buy BTC, thats the global money markets.

Then you also have a time factor, Bitcoin is bi-polar.  We rush upwards then we drift as if dead on our bellies for months on end.  People give up, they decide its all over we must go down.  The more people desert their holdings, the trend seems to confirm itself.  

We can easily develop a negative trend, the 'only' thing we have to fear is fear itself.  Words from a century ago still true to this day, people dont change in their basic motivations even in this modern new market.

I would only add the negative trends are short to medium term at best.  I'm fairly sure BTC remains with the same prospects now that it had year start, it will continue that positive but Im not sure when.  The news is something to read while you wait, every newspaper contains words of what just happened; the market itself is of a forward perspective.

The flow of sales by Germany added to the panic by crypto users. Of course, this condition is bad fundamental news. Of course, for amateur traders it will make them panic and immediately secure the asset, hoping to get a cheaper price and more Bitcoin. While Mt Gox I read that creditors will receive in BTC and Bitcoin Cash in about 60-90 days. So excessive panic is bad enough. Even German parliamentarian Joana Cotar proposed not to sell all Bitcoin because it would be bad for the global economy. He said this condition is able to diversify government assets and protect against currency devaluation.

Source: https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin

In fact, if we look at the influence of news that has an impact on Bitcoin prices in the current market, it doesn't just revolve around Mt.Gox. But I also saw other news, such as the German government selling a number of Bitcoins before the decline occurred, although then they also bought Bitcoin again at low prices. So the influence of news like that should not be underestimated because it could be exploited by many people, especially those who are eyeing Bitcoin at low prices to gain profits in the coming months. Apart from that, I also think that Bitcoin price recovery this month is still quite possible so that the current low price conditions really need to be taken advantage of before it's too late.

One thing you need to get is every news has its impact on the market, the ETF approval news then we all saw how the market pumped really hard and even lead to a new ATH that historically wasn’t supposed to happen at that time but the positive news impacted it. Now with the negative news of a potential sell offs you think FUD wouldn’t set in.

Let me also clarify that the market was already facing some corrections from the pumps before and after halving period before it meet this negative news. Also the impact wasn’t from even Mt.Gox alone, the large movement of bitcoin from German addresses to top exchanges which were very much in number (~$2B) and also US addresses too played a major part. If you see yesterday that the news about them returning the coins from the exchange back to their wallets caused a little pull back, which shows that the whole trend was about news

People like to make use of opportunity. Recently news are not good. Germany sending bitcoin to exchanges is part of it. So some people will sell their coins while some people will want to make money in the process and open short position also. People react to good and bad news. So people reacted to this news and cause the market not to be in bull favour.

Yeah you literally couldn't have summed it up any better.

The average retail investor that bought into BTC in the last few months is probably anxious at any sign of BTC price dropping 10-15%. The Mt Gox news is nothing but a short term weather pattern in a season over many years.

Markets are great at taking money away from the impatient and giving it to those who wait.  A lot of BTC is about to hit the market from people who have waited a long time and are anxious to sell.  The market is responding by giving them a low price to sell and those who are patient will be given a higher price later on.  Comparing billions of dollars in sales to regular trading volume is crazy though. 

It's not just the MtGox refund news that's causing the market up-and-down movement; the movement can also be linked to the German government's 7800 bitcoin deposit to multiple exchanges, which was also part of the reason we see Bitcoin and the crypto market dropping down to the week ATL.

If we see the volume impacted by this news, it does not stand anywhere near to daily trading volumes of bitcoin. After the ETF approval, there is already so much money moving in the market. At such, why is there so much effect currently on bitcoin prices because of this news ? Or is this movement because of some other news ?