And it was this guy Tokyo whale and Mt.Gox bankrutpcy trustee who sold almost $400 million worth of BTC, some of it at the very bottom on Feb 6th. He crashed the market by 75% by selling the bitcoins in couple of rounds.
3.
The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today.
He sold the first batch of 6k bitcoin on December 22nd, sending price from nearly $16,000 to a brief low of $10,800. Then he waited for market to recover and sold another batch of 8k bitcoins on January 17th. Which again produced the same effect crashed the bitcoin price.
But he is not done yet he does another sell on January 31st, this time it was around 6k bitcoins. But vast majority of bitcoins was sold on February 6th which implies that he actually tried to crash the market by selling at the bottom.
And guess what the market absorbed it and jumped back up to $10k.
But what is worrisome is that this same guy has another 180k BTC up his sleeves, that he is looking to sell in the upcoming period and repay the creditors and users who lost their bitcoin in Mt.Gox hack.
....
I wonder why he did that? But I am one of those people who took advantage of the downturn from what he did so that I could buy some bitcoins to make a profit at a later time because of the large amounts he sells bitcoin remains viable and stable at $ 9,000- $ 10,000 and that signifies that bitcoin this year will experience a price rebound and hit new highs.