Mt Gox Has Withdrawn 16,000 BTC, but Market Crash Will Not Occur

Mt Gox Has Withdrawn 16,000 BTC, but Market Crash Will Not Occur

The Mt Gox exchange, which has not been operating since 2014, has moved 16,000 bitcoins from its stores to an unknown address. Given the fact that such a quantity of bitcoin is equivalent to $140 million, many people have been concerned about a crash of the market.

Wallets of the former crypto exchange are under the control of the manager Nobuaki Kobayashi, a lawyer from Tokyo. He said that, in order to pay off debts, BTC stocks of the exchange have been sold for three years. In September 2017, he sold the crypto for a total of about $ 400 million. Thus, he hints that the sale in such a volume did not lead to the collapse of the cryptocurrency market. Therefore, the crash should not occur now.

“Following consultation with cryptocurrency experts, I sold BTC and BCH, not by an ordinary sale through the BTC/ BCH exchange, but in a manner  that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible,” Kobayashi said in March, 2018, commenting on the sale of the property of the exchange.

Some experts try to prevent panic among the participants of the market, informing that the sale of Bitcoin by Mt Gox is impossible without the appropriate court permission.

We believe that the main thing that should be paid attention is that, according to the information in the blockchain, at the moment Mt Gox still has 146,106 BTC. Internal transactions of the company cannot lead to a market collapse. Moreover, remember September of 2017. We are ready to argue that against the background of the growth of BTC price, many of you have not even noticed the sale of 100 thousand bitcoins. Everyone remembers the December pumps, not the September correction.