Tokyo Bitcoin Whale Strikes Again: Mt. Gox Bankruptcy Trustee to Blame for Latest Bitcoin Price Drop - This article from bitcoinist.com dated May 11th may be of interest to subscribers. Here is a section:
Several crypto monitors are accusing the Mt. Gox trustee of dumping the coins on the exchange market. These reports are still unconfirmed, but some commentators say it is a way of shorting the market. According to Cryptoground, the Mt. Gox bankruptcy trust still has a balance of 137, 891 BTC. Cryptoground is a website that monitors the cold wallet of the defunct platform’s bankruptcy trust. Kobayashi earlier said that he planned to sell the remaining Mt. Gox crypto holdings over the coming months.
Usually after a market crash there are people who still hold long positions bought at unattractive positions and who use occasional rallies to liquidate positions. Usually we do not know who the sellers are but on this occasion the Mt. Gox trustee is a guaranteed seller on rallies. That represents a significant headwind for the market until that substantial inventory is disposed of.
Bitcoin has pulled back from the $10,000 area on two occasions this year and is now back testing its lows. It will need to hold the $6000 area is support building is to be given the benefit of the doubt. Considering the innovation occurring in other areas of the crypto market a sustained move below that level could signal the next downleg in an evolving downtrend.