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Thread: Is the Tokyo bitcoin whale set to strike again?

  1. #1

    Default Is the Tokyo bitcoin whale set to strike again?

    https://www.marketwatch.com/story/is...ain-2018-04-27


    Speculation is growing that the trustees for the now-defunct Mt. Gox cryptocurrency exchange are getting set for another significant bitcoin sale.

    On April 26, a website that tracks the Mt. Gox cryptocurrency wallets indicated that the trust had shifted a sizable portion of bitcoins and Bitcoin Cash from its wallet, which led many to speculate that Nobuaki Kobayashi, the head attorney for the Mt. Gox trust who’s been dubbed the “Tokyo whale,” is set to unload another lot of the recovered coins.

    “Some in the [cryptocurrency] community have been a bit worried about the recent movement of bitcoin out of the Mt. Gox settlement wallets,” wrote Mati Greenspan, senior market analyst at etoro.

    “Indeed, it appears that Kobayashi has moved about 16,000 BTC out of cold storage, which may indicate that he’s preparing to sell them on the open market,” Greenspan said.

    If the trustees were to proceed with a sale, it would be the first sizable transaction since the trust dumped nearly $400 million worth of bitcoin and Bitcoin Cash in March.

    At current market value, the 16,000 bitcoins BTCUSD, -0.42% and 16,000 Bitcoin Cash are worth a combined $170 million and should the sale happen, onlookers will be scouting for potential price fluctuations.
    In March (the last time they sold), Bitcoin went from a high at the beginning of the month of over $11,000 to about $6500 at the end.

    https://www.coindesk.com/price/
    Quote Originally Posted by NorthCarolinaLiberty View Post

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  3. #2

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    The trustee only needs $30-40 million at this point (in today's prices) to make the bagholder's whole after the other sales. Furthermore, they're seeking to do it over the counter and not via exchanges, so it'll have minimal effect on current prices. Massive amounts of money is starting to flow into the cryptosphere this year. The blowout top in Dec was fueled for a subsequent massive selloff of weak, speculative hands of those who bought above the former resistance levels around $6k. It was a controlled demolition of volatility to chase the average person from these markets while the smart money was buying all the way down and to where we are right now.

  4. #3

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    Bitcoin brokers exist to handle these off exchanges. I know of a large bank that had one on call for a few million, discount was some percentage off spot but no waiting and could be done immediately.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

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  5. #4

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    Quote Originally Posted by FSP-Rebel View Post
    The trustee only needs $30-40 million at this point (in today's prices) to make the bagholder's whole after the other sales. Furthermore, they're seeking to do it over the counter and not via exchanges, so it'll have minimal effect on current prices. Massive amounts of money is starting to flow into the cryptosphere this year. The blowout top in Dec was fueled for a subsequent massive selloff of weak, speculative hands of those who bought above the former resistance levels around $6k. It was a controlled demolition of volatility to chase the average person from these markets while the smart money was buying all the way down and to where we are right now.
    Their goal is to get rid of all of their holdings which total over $1 billion.

    Given the recent surge in cryptocurrency prices, the timing would make sense. In a March 7 filing, Kobayashi said he attempted to sell the digital currency “as high a price as possible.”

    After Thursday’s transfer of bitcoin and Bitcoin Cash, the trust has a remaining 146,106 units of both currencies that today is valued at just over $1.5 billion.
    https://www.marketwatch.com/story/is...ain-2018-04-27
    Quote Originally Posted by NorthCarolinaLiberty View Post

    Half the crap I write here is just to entertain myself.
    I am Zippy and I approve of this post. But you don't have to.






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