Today’s weakness in cryptos, driven initially by concerns over Google’s looming ad-ban, is accelerating overnight…
Hanging over the market still are concerns about next week’s G-20 meetings (and the possibility of a more global standard for cracking down on cryptos) as well as the massive Mt.Gox sale overhang.
Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox, the largest bitcoin exchange in the world before hackers absconded with tens of thousands of customers’ bitcoins worth billions at recent prices, said he started selling in late September, meaning it’s quite possible he sold at least some of the coins at the highs reached toward the end of last year.
This is what Kobayashi’s “sells” look like on the chart of Bitcoin…
Still, Bloomberg reported that Kobayashi is sitting on another approximately $1.9 billion, which he says he plans to offload soon…
However, with Bitcoin battered back below $8,000, it has entered the “Mystery Dip-Buyer” Zone.
As a reminder, according to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18.
In total, this Bitcoin whale doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth somewhere around $900,000,000 at today’s price ($9,400).
Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 is number three on the top 100 richest Bitcoin address in the world.
So will “Mystery Dip-Buyer” come back in or will Kobayashi win?
