I have been watching may favorite video personalities talk about the latest crash/correction and most of them aren't correlating it to any recent news or event. I'm surprised that there isn't more talk about the big sell off of BTC and Bcash from the Mt. Gox situation. What concerns me is not what happened, but what is still looming.
If the trustee handling the Mt. Gox liquidation is holding something like 177,000 BTC with the intent of selling into strength, what is the motivation to get in for the long term now? Without this enormous perceived sell wall there is still this notion that BTC could go to 20K, 50K, 100K almost overnight. A run up in price fuels the Fear Of Missing Out (FOMO) which further drives up the price. I believe that a common sentiment is that an initial run up in price will be met with strong selling from the Mt. Gox account and could prevent the upward spiral. I feel this may be contributing to the stagnation we are seeing now. I am looking forward to the completed liquidation of the Mt. Gox assets so we can get back to a level playing field.
If I'm not looking at this the right way, please let me know in the comments.
As far as I know, two things have been announced on this matter.
Firstly, the BTC and BCH were sold gradually and not all at the same time causing a drop. This was confirmed by the trustee himself. Sorry can't find the source.
Secondly, the trustee is done selling. He was only supposed to liquidate I think $400m which would be given back to the victims of the hack. That means the rest of 120,000 BTC (more or less, idk) are...useless? It has yet to be decided what it will happen with them, but basically those 120,000 BTC don't have to get into anyone's pocket, they are free of any control.
This is an interesting case, as never in the history has it happened to encounter such a tremendous increase of evaluation of the funds obtained. For now, nobody knows what it will happen.
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Thanks for sharing this. I was under the impression that the trustee has requested to sell more, but if that's not the case, all the better. Instead of giving back the USD to the victims, I wonder why the BTC wasn't just returned to them. What was taken was BTC and not USD. It would also have been much more fair as the time value of their money wasn't restored, just the USD value of their BTC at the time of the crime.
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True, that is indeed weird. People lost BTC and not USD, but they were given the BTC equivalent in USD at the time of the hack.
I would be disappointed if I were a victim, but some money is still better than nothing. I'm curious to see what is going to happen with the rest of the BTC.
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