Mt. Gox BTC Sales Could "Crash the Market," Says Former Trader
Cryptovest
Published Sep 17, 2018 03:36PM ET
Updated Sep 17, 2018 04:40PM ET
Mt. Gox BTC Sales Could "Crash the Market," Says Former Trader
A stash of Bitcoin that Mt. Gox currently has in its possession is now being made available to the greater public through a civil rehabilitation claiming process. Over $1 billion in Bitcoin is on the table, available for any of the victims of the hacking incident that lost the company more than $460 million in 2014.
According to a Telegraph interview with Kim Nilsson, a trader at the exchange who spent years attempting to get his coins back, a payout of this magnitude could “completely crash the market.” Currently, the number of coins stands at 160,000.
This isn’t an entirely far-fetched scenario, as we’ve seen Bitcoin’s price take a hit every time Mt. Gox privately paid out its creditors. These slumps in value have made the coin appear vulnerable to speculators, creating a sort of snowball effect that caused subsequent sell-offs.
h2 A little FUD in the mix?/h2To see the effects of a civil rehabilitation of Mt. Gox’s BTC assets, we can look back at the market fluctuations that occurred on the da...
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