Mt. Gox’s trustees have been selling Bitcoin in abundance capacities.
This abundant selling has had quite the impact on the digital currency taking the BTC/USD well towards $10,569.10 (price mentioned is as per Coinmarketcap) while the time of publishing this article.
As per a report produced in the Tokyo district court Mt. Gox’s trustee revealed that over the span of six months they have managed to sell Bitcoin $360M and Bitcoin Cash amounting up-to $360 million and $44 million respectively. The report also further stated that If deemed necessary by the court the trustee will not hesitate to sell the remaining BTC’s too, which apparently are a huge 166K BTC’s in today’s date that would be worth a massive $2billion.
“As a result of the consultation with the court, I considered it mandatory and reasonable to sell a certain amount of BTC and BCC at this point and secure some specific amount of money for distribution resources, and hence, I sold the amount of BTC and BCC above.”
“I made attempts to sell BTC and BCC at an optimal and highest price possible in light of the market price of BTC and BCC at the timing of a sale. I plan to discuss with the court and determine further sale of BTC and BCC.”
Investors and traders have been left dazzled by this decision taken by the trustee, they are quite confused by the decision of the trustee to sell the Bitcoins which are in MtGox’s possession.
Given the fact that the prices of both BTC and BCC (Bitcoin cash) are predicted to surge even higher, It is but obvious that most of the MtGox creditors who are due compensation, expect to receive it in Bitcoin and Bitcoin Cash what to get it in BTC or BCC.
Whenever there is a sale of such a huge amount of Bitcoin, If there is no proper planning for the sale, it undeniably affects the entire cryptocurrency market further-more leading to volatility.