Hi Steemers... So Bitcoin has been selling off recently... The two main reasons I can see for this is:
Binance had an attempted hack and
Mt Gox trustees have been selling bitcoin to pay back their owners
On the first point, ALL FUNDS ARE SAFE... and I think this is already behind us... Props to Binance for a great response and a secure exchange. 🙏👍
The second point is more concerning... On the graph below you can see how the Mt Gox selling has been correlated with large drops in the Bitcoin price 📉📉. For those of you that don't know Mt Gox was an exchange in Japan that was hacked a few years back. Some of the Bitcoin has been recovered and so is being sold to pay back the owners. Here is some of the dates and amounts of the recent sales:
2017-12-18 -- 2,000 BTC
2017-12-22 -- 6,000 BTC
2018-01-17 -- 8,000 BTC
2018-01-31 -- 6,000 BTC
2018-02-05 -- 6,000 BTC
2018-02-05 -- 6,000 BTC
2018-02-05 -- 6,000 BTC
Ok when the Bitcoin was stolen the amount was roughly $400 million... So far about $400 million has been sold however there is still about 160,000 coins more still in trust. You can see this here:
http://gaelb.alwaysdata.net/MTgox_watch_CW/index.html
If they keep selling... The price will continue going lower... We have to wait and see what the trustees of Mt Gox do. I think a reasonable strategy is to pay the $400 million back, which they already have from the recent sales, and then to proportion back the remaining bitcoin to all the holders. Lets see how this evolves... 😞😟 stay tuned
