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RE: Mt. Gox's Bankruptcy Trustee is Dumping Bitcoin to Repay Creditors

in #bitcoin7 years ago

The bankruptcy trustee for the defunct Mt. Gox exchange announced yesterday that he had sold $405 mln in Bitcoin over the last few months, a total of 35,800 BTC and 34,000 BCH. The selling of such massive volumes could be a big part of the reason Bitcoin fell from its high of $20,000 to its current price of $9,300. Even if the coins were traded over-the-counter (OTC) rather than on exchanges, it still would have suppressed demand, by filling the needs of buyers who otherwise would have bought off exchanges.

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Yeah, fair call.

Now it’s all out in the open, let’s see how it gets priced in.