Bitcoin prices fell to a three-week low of around $8,540 on the 11th as markets responded to a quick investigation of the South Korean exchange Upbit and a further liquidation of the Mt.Gox funds.
The trustee of Mt. Gox, who was commissioned to sell about 200,000 bit coins after the bankruptcy of the crypto currency exchange Mt. Gox, which no longer exists, is suspected of having deposited another 8,000 bit coins on the crypto currency market.
Someone please tell the drunk Mt. Gox trustee person to stop using cryptocurrency exchanges and move to the over-the-counter market.
— Joseph Young (@iamjosephyoung) May 11, 2018
The Bitcoin coins were moved into the same wallet in different proportions. The BTC was transmitted in four parts, with 2000 BTC being transmitted three times and 2,214 BTC once. The landfill on the market took place immediately after the Bitcoin was handed over.
Despite the fact that the trial is scheduled for September and Mt. Gox was not allowed to sell the remaining Bitcoin[BTC] and Bitcoin Cash[BCH], the sudden movements in the wallet have spread a lot of panic in the market, with few crypto news sites linking the current movement in the BTC with the fall in prices.
The crypto currency market is very volatile, and the movement of large sums even less than one billion dollars has the ability to influence the market and drastically influence asset prices. The impact escalates when the asset is sold in large quantities. The trustee of Mt. Gox has continued to move large sums of Bitcoin, although he acknowledges that such actions contribute to movements in a market that is already very volatile.
Bitcoin’s been on a high for the last three weeks. From its first weekly winnings in a row, the cryptocurrency seemed to be on the right track of resurgence. In recent days, negative comments from Bill Gates, Warren Buffett, and now reports of another significant Mt. The transfers are said to have taken place in the early morning hours of May 10th accumulated lot of bad sentiment and caused a price setback.
There is still hope that the market will soon blossom again, as the police who raided UPbit Exchange have not yet made a statement as to whether the exchange is innocent or guilty of the charges.