It has been reported that an unknown account that is holding a massive amount of BTC has transferred 7,000 of them to an exchange and is approaching people to make the sell-off.
Questions on Mt. Gox trying to empty its bags?
Recently, some people reported that an unknown individual or entity is scouting buyers for a huge amount of bitcoin. Last time this happened, Mt. Gox was in the offense for selling about 35,841 Bitcoin and 34,008 Bitcoin Cash that were worth about $362 million and $45 million respectively that led to the crash down of BTC and BCH prices.
It has been suspected that this time also, it could again be Mt. Gox on its selling spree.
Ran Neuner, a CNBC writer took to Twitter to call this out:
I've had 3 people offer me 200k Bitcoin. There is clearly a massive seller around! Mt Gox?
— Ran NeuNer (@cryptomanran) March 26, 2018
With BTC price riding at $8,049 at the time, these 200,000 BTC market are worth more than 160 million USD right now.
Another person tweeted:
“MTGOX keeps selling out. Despite promises not to sell more till September, he just sold 7000 bitcoins crashing the price again! His MTGox wallet is here https://t.co/yPJeVaNlG0”
— Yazan Al Homsi (@makingmoneynow1) March 27, 2018
Is Mt. Gox on yet another BTC selling spree?
This all began about four days back when the address that was holding the second largest amount of bitcoins moved about 7,000 of those BTC to an exchange. However, this wallet is listed nowhere on the website that basically tracks the movement of cold wallets associated with Mt. Gox.
In the light of last big Mt. Gox sell-off that crashed the bitcoin market down, people are extremely sensitive to these words. The reason being it still holds a large amount of cryptocurrency i.e. 165,000 bitcoins and thousands of bitcoin cash that can simply ruin the crypto market.
It has been believed by many that it is completely irresponsible as one party having such massive amounts of bitcoin can be extremely harmful to the market.
With the crypto market currently going through a price drop already, comments like these can cause turmoil in the market.
What do you think of the massive sell-off attempts? Do you think Mt. Gox is yet again the culprit or someone else is at play this time? Share your thoughts with us!
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.