The recent declines in Bitcoin and other cryptocurrencies may be due to the fact of the Upbit search but many assure that it is because the Mt.Gox heritage was transferred again.
It is suspected that more than 8,000 Bitcoins have been sold in recent months, despite criticism of the cryptocurrency market, the asset manager of the stock market continued the massive sale of bitcoins in the cryptocurrency exchanges, even after recognizing that The sale of tens of thousands of bitcoins can easily move the market, which is already very unstable.
Yesterday (ie May 11), several reports suggest that the recent drop in Bitcoin and other cryptocurrency prices was due to the sale of tokens by Mt.Gox.
Four wallets of Mt. Gox has been seen with movements of around 2,000 Bitcoins, and has sent more than 8,000 Bitcoins (which amount to more than 17 million dollars according to the Bitcoin calculator) in the last 24 hours. Since Mt.Gox has been asked to sell more than 200,000 bitcoins and convert it into Japanese yen by the local financial authorities, and it is obvious that any external movement of Mt.Gox probably means that they are sold in cryptocurrencies.
Like most institutional traders and retail investors, it buys and sells large lots of cryptocurrencies. Gox could use the over-the-counter (OTC) market and cooperate directly with large-scale investors willing to buy thousands of bitcoins.
Instead, it decided to sell its funds in cryptocurrency exchanges, creating a domino effect on all major stock exchanges and taking the cryptocurrency market to recent declines. All this traffic is monitored by the Cryptoground website. Interestingly, also the Bitcoin Cash portfolios were transferred to other portfolios an amount of approximately 16,000 BCH which is equivalent to more than $ 2 million dollars according to the Bitcoin Cash calculator.