Bitcoin coin price, again in free fall, with suspicions of deliberate actions taken by professional speculators


The story started in 2014, when Mt Gox, the world's largest virtual currency exchange since then lost the $ 500 million equivalent of customer deposits following an attack by hackers, seems to have unforeseen consequences today

Following bankruptcy, a huge number of Bitcoin coins held by Mt Gox were entrusted to a judicial administrator, charged with compensating the injured investors. Stored in Bitcoin wallets with well-known addresses to the public, the huge collection of virtual coins has been kept under observation by ordinary people and speculators alike

Suspicions of deliberate action occurred after a large number of Bitcoin coins disappeared from the Mt Gox accounts even during the "free fall" episodes of virtual coin markets

Contacted for clarification, administrator Nobuaki Kobayashi even confirmed the sale of 18,000 Bitcoin coins on February 5th. Surprisingly, the sale was made at a time when the price of the Bitcoin was already in a free fall, amplifying its decline. Not at all encouraging, Kobayashi says he sold about $ $ 400 million in the Bitcoin and Bitcoin Cash currencies since September, and is currently assessing the availability of other $ 19459007 in virtual coins

But the responsibility for successive crashes in recent months may not belong to the Mt Gox administrator alone. Other professional speculators may also be able to track transactions made from the Mt Gox bends, selling simultaneously to amplify their effect. It should not be neglected, too, the effect of panic caused by steep price declines, triggering the accelerated sale of retail portfolios in virtual currencies. The situation is further complicated by the pressures of authorities to limit or regulate virtual currency transactions, negative or sometimes alarming news in the press, all of which contribute to discouraging such transactions

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