Market Is Alarmed By Mt. Gox Trustees Because Of The 16,000 BTC Hoard On An Address

While Bitcoin descended from its heights to below $9,900, cryptocurrency enthusiasts hurried in search of whales that may probably be the cause of the fall. Nobuaki Kobayashi, a Tokyo lawyer and trustee for defunct Bitcoin exchange Mt. Gox, appears to be an appropriate candidate.

Alistair Milne, Bitcoin evangelist and CIO of London-based Altana Digital Currency Fund, noticed the action on Bitcoin addresses managed by the trustee and imagined that he was about to sell another batch to the tune of or more than 2,000 BCT. Milne tweeted a link to the Bitcoin address in support of his assumption.

Blockchains information data displays the transaction involving 2,000 BTC was executed on Thursday morning, (April 26). The coins were credited to another Bitcoin address managed by the MtGox board of trustees. Comparable transactions were made from other seven MtGox Cold Wallet addresses to the total amount of 16,000 BTC, which were acquired at one address. MtGox Cold Wallet Monitor statistics affirmed the information.

Even though it’s not certain whether the trustees will dispose of the Bitcoins or have some other plans, Twitter users are already thinking about an upcoming sell-off.

This large-scale selling would definitely drag Bitcoin’s price to new lows, but there are currently no signs of anxiousness on the market. While writing, Bitcoin was trading at $8,700, above the lows of $8,650 registered during early Asian hours.

In March, Nobuaki Kobayashi admitted he had been selling Bitcoins for roughly six months to atone Mt.Gox customers for their losses. He disposed of Bitcoins and Bitcoin Cash to the total amount of $406.6 million. A number of professionals accused him of causing the Bitcoin price collapse from $20,000 to $6,000 earlier this year, but he claimed that his actions could not have been the catalyst for the sell-off.

The following round of court hearings will be held on September 18, 2018. Kobayashi affirmed that more liquidations might come, subject to the bankruptcy court approval.


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