Why is bitcoin down right now? $400 million in sell off can have that effect. Now the flip side of that here is that you now have an opportunity to buy all that up as it went back into the pot!
He had to sell off sooner or later. Might as well get it over with now. On the bright side, there’s now over $400 million worth of bitcoin in circulation now.
Tokyo-based mt gox was the bitcoin exchange back in 2014, until it famously went poof, taking down with it some 800,000 btc . About 200,000 btc was recovered, and the ensuing lawsuit pegged the usd value of each at $480 - this was the amount mt gox needed to pay back for each one of those 200,000 btc.
Long story short, the big downwards price movements of the last 2-3 months seem largely caused by the incremental sales of these btc. The man responsible for this trustee sale is a lawyer, and does not appear to be a savvy trader, considering he panic sold 18,000 btc at the very bottom.
Read this Article For more Detail : :
https://www.zerohedge.com/news/2018-03-07/bitcoins-tokyo-whale-sells-400m-bitcoin-bitcoin-cash
