If you go on coin market cap right now you will see an ugly image such as this...

A massive sea of red across the board and about 50 billion vanished in the market cap over night.

So what is behind this ?

Mt. Gox

Yet again this exchange has come up like a bad rash that just wont go away.

It is suspected another 8,000 bitcoin was dumped on to the market a value of $72 million dollars which looks like a drop in the bucket however if you recalled last night you saw major dumps on the exchanges where the lines just tanked. To everyday people this looks like a bad sign and puts people into panic selling which is currently what we are feeling after this dump.

It was thought that the seized bitcoin of 200,000 was to be sold to Japan in the form of yen by local financial authorities. However as we can clearly see by these actions as of late this is not the case and instead they are being dumped off at exchanges.

Korea exchange Raided and suspected fraud

Yet another exchange suspected of fraud has been raided and seized by government officials prompting for what might be yet another mt. gox.

Side note you seriously gotta love when the government thinks they are protecting you by regulating things and then raiding and seizing all assets where the government keeps all the money and the investors get nothing back. This is the classic case of the SEC.

To me this will keep happening till the point governments just kill off bitcoin and it is why I feel we need regulations ASAP so we have a valid exchange that can not be seized and we can continue to trade as we should be allowed to.

So while there is a bit of bad news today we are still greatly up from where we where just a month ago at the $6,000 level. It is just annoying we seem to never catch a break vs governments it seems. So keep buying, keep up the fight and keep cryptocurrency alive! These minor bumps in the road cant beat the masses and bitcoin predictions are still $25,000 + by end of year. Buying opp? Maybe?!

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