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Cryptos Crash After “Mt.Gox” Tokyo Whale Renews Bitcoin Liquidation

Courtesy of ZeroHedge. View original post here.

Cryptocurrencies are crashing once again following reports that the trustee liquidating the defunct exchange Mt. Gox has offloaded another 25.98 billion yen ($230 million) of Bitcoin and Bitcoin Cash.

While Bitcoin is the best-performer (down around 4%), the rest of the crypto space is collapsing faster…

Notably, as Bloomberg reports, the disposals were made in the period since the 10th creditors meeting was held on March 7, Nobuaki Kobayashi said in a statement on Tuesday.

Based on the yen raised and the number of coins sold, the latest disposal received an average price of $8,100 per Bitcoin, according to calculations by Bloomberg.

The total compares with 43 billion yen in the prior round of sales, which the bankruptcy attorney announced six months ago.

Despite the fact that these disposals are old history, Bitcoin is seeing more selling pressure…

And Ethereum is plunging, testing back down towards a $100 handle…


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