Commodity News

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, soft commodities, and Bitcoin


Bitcoin Posts Weekly Gains Despite Rumors of Mt. Gox Selloff

April 30, 2018 at 12:29 by Matt Jackson

Bitcoin has continued its march upwards, despite rumors of another Mt. Gox selloff. Cryptoground, which monitors MTGox cold wallet addresses, has reported that approximately 16,000 Bitcoin have been moved, with a similar number of Bitcoin Cash also being transferred out of the monitored cold wallet addresses. At their current value, these 16,000 coins would be worth approximately $141 million. There has been no official report from bankruptcy trustee, Nobuaki Kobayashi, regarding the move, and there is any of a number of reasons why the holdings might have been moved. However, rumors abound that Kobayashi is preparing to sell the crypto.

Mt. Gox was one of the first Bitcoin exchanges to market, launching in 2010. At its peak, the exchange handled a purported 70% of all Bitcoin transactions, but delayed deposits and a major hack that led to the loss of 750,000 of its customers’ Bitcoin, saw the company file for bankruptcy in February 2014.

A major selloff of 35,000 Bitcoin, in March 2018, is rumored to have led to a price crash. Kobayashi denied that the slump in price was due to his actions, but went on to hint that no more of the currency would be sold until September of this year.

There are still $1.5 billion of Bitcoin and Bitcoin Cash in the trust, and analysts are concerned that any move to sell would cause prices to fall once again.

Bitcoin plummeted to a low of under $7,000 at the end of March but has seen successive weekly gains carry its price back to the current level of around $9,300. Some experts have said that an over-the-counter sale of the Mt. Gox holding would not necessarily impact the price, but if these rumours persist, there is the potential for panic selling, and when Bitcoin drops, so too does the rest of the cryptocurrency market.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply