There is a lot of FUD spreading like a wildfire in the crypto-community and it looks like the golden days of Bitcoin will not be coming back anytime soon. But it is not going to remain the same for long as Mt. Gox might sell off their remaining Bitcoin in the month of September. According to CoinMarketCap, Bitcoin is currently valued at $8736 and the market capital is close to $147 billion.
Bitcoin has been in the limelight even before the hype around cryptocurrency and blockchain started circulating across the globe. But recently, Bitcoin has become famous due to its tremendous crash in its value, the main reason being the sale of $400 million Bitcoin by Mt. Gox lawyer.
Mt. Gox, a cryptocurrency exchange platform which was based in Tokyo, Shibuya went under a huge loss due to a hack caused by technical issues. This eventually led to bankruptcy. It was the world’s largest leading Bitcoin exchange platform and was handling over 70% of Bitcoin transactions across the globe. The exchange lost up to 7% Bitcoins which approximately is worth up to $474 million.
Mt. Gox was the reason behind the huge drop in the Bitcoin price that occurred between the months of December 2017 and March 2018, as they were selling off huge chunks of Bitcoin and Bitcoin Cash to pay off the lawsuits. It’s safe to assume that 2018 was the year of the Crypto crash, as there was a huge dip in Bitcoin and other cryptocurrencies that resulted in $700 Billion USD being wiped from their entire market cap.
Mt. Gox still holds approximately $1.5 billion worth Bitcoin and will not be selling them off until they seek permission from the court, the meeting of which is scheduled on 18th September this year. This might lead to Bitcoin staying in the bearish market for a long time as market investors believe it might keep falling till the month of September and only after the Mt. Gox Bitcoin sale will Bitcoin enter the Bull market again.
Ashish Mehta, a Bitcoin investor says,
“It’s always Mt.Gox. They’ve become one of the biggest influencers in Bitcoin’s price. Since 2011, they’ve been the reason for the huge pump and dump in the cryptocurrency market.”
Jake Chase, a Cryptocurrency Market Analyser says,
“The FUD has taken hold of all the investors.Once the Mt. Gox sells off the remaining Bitcoin, only then, will Bitcoin reach its all-time high.”
Victor Sverdlin, a cryptocurrency investor says,
“I doubt that the prices will go up anytime soon. Their market is still tepid due to an irrational amount of FUD, if we hit $9,500 this week, then yes.”
David Brookes, another cryptocurrency investor says,
“Tell that to the H&S and bear flag… to attribute the decline of BTC to Tokyo whale, albeit one with a healthy stash, isn’t the whole picture. Though predicting price movement is a game of probability, I wouldn’t be surprised to see BTC test the 7200-6900 area… maybe even head back down to the 6th mark… time will tell I guess.”
Kartika Sharma, an Internal Audit and cryptocurrency investor says,
“It would be a foolish move to invest in Bitcoin and all the altcoins dependant on it. Its very clear that the price will keep crashing until September or maybe even after that. Guess we just have to hold on till then.”
Lenon Gillfield, an investor says,
“Bitcoin will definitely fall further. It’s falling even as we speak. The market has proved that it’s highly volatile. But it’s interesting how one factor has become the main reason for it.”
John McAfee, founder of McAfee Associates and a crypto-proponent in his recent Twitter post says,
“The crypto community is in chaos. We forgot the reason that we came to gether in the 1st place. There is more at stake than all of the pumps and dumps and all of the gold rush-like euphoria that you feel when you gain. Stay tuned, brothers and sisters. Your existence is at stake.”
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