Cryptos Crash: Bitcoin Back Below $8k Into "Mystery Dip-Buyer" Territory
Content adapted from this Zerohedge.com article : Source
The continued weakness in the world of bitcoin continues. After a day of red after the Google announcement of banning cryptocurrency ads, the trend continued into the evening hours.
A continued concerned is the G-20 summit which could see further regulation to control crypto. Also, the continued Mt. Gox sell-off is hanging out there.
Kobayashi is sitting on another $1.9B in bitcoin after selling $400M.
Bitcoin is now in the area wehre a mystery buyer stepped in back in february.
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.
This account added 41,000 coins pushing the total to 96,000 bitcoins.
It is the third largest bitcoin account.
Non-adapted content found at zerohedge.com: Source
That’s a big chunk of bitcoins. Agree, the institutions, Google and banks are pushing decentralized crypto as much as they possibly can. Of course at the end it’s slippery slope.
They will start buying eventually as well. The smart money are coming into crypto, we just don’t see it yet.
To emotionally avoid these kinds nd of “Bear trends” you definately have to have a plan. When you buy and when you sell. Also you should not invest any capital you can’t afford to loose. If you do, your emotions get involved at any sell off and I can guarantee, you mostly loose. There are people taking loans, selling houses to buy crypto. Unfortunately they bought when there was euphoric buying at high. Now they are forced to sell, because they have to pay off their loans, it’s the same as with the stock market. You are allowed to buy on margins where you need only about 30% of entire investment. However, if the market starts to sell, you are forced to sell as well and if you don’t sell they will sell it for you. Either way, the market has to get rid of these buyers, it sounds unfair, taugh and emotionless, but that’s what any market is “unfair, taugh and emotionless”. I’m a buyer of BTC at these levels as well, but I wouldn’t be surprised if we go much lower. Now we should sit and chill. We are in this all together.
Pretty sharp " Buy The dip" though ! But then again that is the beauty of a bear market, sharp declines with even sharper recovories. It is difficult to trade but definitely profitable :) Would be interesting if someday stories broke for people, who were accumulating here :)
Google ban could be a reasonable reason for the dip, but the reality is that the market is just continuing its correction after the $20K in December.
A lot of speculation on the owner of that account, personally I don´t care who is the owner, but I like what he is doing for crypto; I still think we need to go back to the $6K mark, and then we need to bounce back up for real... Let´s hope when we reach that point this guy/account still wants to buy more, so we make sure BTC price is never going below that support line.
I feel like the markets, the business environment, and really society as a whole is one big divided battlefield right now. Conservatives being censored. Randoms being booted from YouTube. Ads being banned. Crypto subpoenas and crypto regulations. Twitter shadow bans. Twitter suspensions. People boycotting products and services for this, that and every other reason. Feels like a really combative business environment. At least in terms of the internet, online media and cryptos.
THE market is declining or the price of bitcoin is driven down by excessive sales by Kobayashi, the Mt Gox trustee? Trading bots will ensure that alts will march in tandem with bitcoin. Another $1.9 billion to go before Kobayashi is done. Unless these bulk disposals are being bought by entities with deep pockets cryptos are going down further. Depending on who's doing the buying, power to move the price will then continue to be vested in the hands of the few. 'The community' should be out there and buying but the small time profiteers and speculators are more interested in running for the hills.
Maybe google banning any crypto ads was a a bad thing. Thinking that dip helped most of us buy even more btc. Now this crash has been attributed to alot of reasons but up to now am not yet surw what exactly it is. If he sold $400m and still sitting on $1.9b does that mean it's tricky thing for bitcoin right now.
Guess this dip too will be having a mystery buyer. Hope so.
I guess I don't understand why some of these guys are even selling off all their BTC. Maybe they're wanting to buy back in lower but it sure seems like there are some shenanigans going on. These whales might just playing the market, selling when any bad news hits and buying back in lower. We really need some big news in crypto, almost doesn't matter which coin succeeds, we just need something to get people's attention in a positive way
it`s not yet time to buy
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This is awful for some of us that invested in bitcoin earlier this year when it was above $12,000. Many people are in panic mode with lots of these of these factors which can't seem to get resolved; the Mt Gox sell off, Google's ban on cryptocurrency ads, and now having the G-20 summit threatening to see further regulation to control crypto... people are justified to go crazy on the market this time. Prices are getting pushed down daily. And here we are having people sitting on massive bitcoins. Am still wondering the game Kobayashi is playing. After shaking the crytptocurrency market when he sold off $400M worth of bitcoin, the current dip is going to get worse when he decides to sell off the $1.9 billion worth of bitcoins.