Sunday, December 15, 2019

Mt. Gox Moves Large Quantity of Bitcoins From Its Wallets

BTCNN
BTCNN
BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

The once king of all exchanges and now-defunct Mt. Gox keeps raising questions amongst the crypto community with their actions still today. Yesterday only, the wallets associated with the exchange have withdrawn more than 16,000 Bitcoin and Bitcoin Cash out of its respective wallets, possibly to sell them at an undisclosed price.

The last time that those accounts were moved, Bitcoin experienced a bear period that took the price down to historic lows after the price rise during last December. This occurred last February, and the responsible for these sales was the Mt Gox’s trustee, Mr. Nobuaki Kobayashi, who offered declarations detailing the conditions of the sale. He used an undisclosed “over the counter” method to sell them at the “better price possible”. He could have done it the same way this time.

A lot has been said about this last exchange, and the social networks are booming with different accusations of market price manipulation and pump and dump schemes. But nothing certain is known about the operation now. It could be another thing that a sale. Some of the tweets out there are presented below.

Mt Gox was once the site on the internet to buy and sell bitcoin, managing more than 70% of the exchange business, but disaster struck and they went bankrupt after a 400 million dollars hack that led them to bankruptcy. This experience led to new exchanges to take care more of their online security. But now, ironically, Mt. Gox’s corpse is more profitable than its former self, due to bitcoin’s price evolution, and the birth of an equally successful hard fork, Bitcoin cash, that gave them a certain amount of cryptocurrency that the did not count on before.

Mt. Gox still has around 140K bitcoin left to sell, and undoubtedly, if those sales are managed in a poor way, it could drive the price down tremendously.

- Advertisement -
- Advertisement -

Latest News

Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish

After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar. The price is currently...

Ethereum Price Weekly Forecast: ETH Primed For More Downsides

ETH price is trading in a bearish zone below the $142 and $146 resistance levels against the US Dollar. The price is declining and it...

 Pet Technology Unleashed! Pawtocol Launches its First IEO

 Pets will earn Universal Income by simply being pets MIAMI--(BUSINESS WIRE)--Pawtocol, the premier Blockchain company dedicated to the pet community, will launch its IEO marking...

PBExpo Announces Digital Aviation Revolutionary, GE Aviation, as Keynote for PBExpo 2020

BOCA RATON, Fla.--(BUSINESS WIRE)--#DIGITALTRANSFORMATION--PartsBase & PBExpo announced today that Chief Commercial Officer of GE Aviation Digital Solutions, Andrew Coleman, will present as a keynote...

Tezos (XTZ) Close to Hitting 2019 High; Is Correction Looming?

The price of blockchain asset XTZ came closer to establishing a record yearly high on Friday. The Tezos’ native token established an intraday peak of...