Bitcoin [BTC] steering the bear market – Mt. Gox attorney to blame?

Since last three days, the crypto-market is experiencing a massive blow, as the prices are dropping significantly. Social media communities are blaming Mt. Gox (a ceased crypto-exchange) for the bear trend in the market as they believe it was followed by Bitcoin’s drop in price. Bitcoin had dropped by 8% and is currently trading at a price of $8.223.

The market capitalization is fallen to $140 billion, a week back it was at $154 billion.

In the last 7 day period, the market has fallen by 14.5% after reaching a hike the previous week. The major drop happened in the last 24-hour mark as the price fell down by 6.5%. The market is still depicting a decline, at the time of writing it is falling by 0.3%.

Mt. Gox is a former exchange company which was one of the largest in 2013 but it got hacked and went into bankruptcy. According to news reports, Mt. Gox had lost 650,000 Bitcoins in the year 2013.  In the year 2014, $473 million worth of bitcoins were stolen. The exchange still had 200,000 Bitcoins. Recently 36 thousand Bitcoins were sold by the trustee, Nobuaki Kobayashi

Nobuaki Kobayashi is the attorney and trustee for the non-functioning Mt. Gox. He recently revealed to the public that he had been selling $ 400 million in both Bitcoin [BTC] and Bitcoin Cash [BCH] since last year September. After the disclosure, the social media started blaming Kobayashi for bringing down the market.

Experts say that even though Mt. Gox is selling Bitcoins it could make the slightest of impact, not enough to bring such a decline.

Mark a crypto-analyst says:

“I believe the main reason for such a drop, is the large mass, which is actually following the downward flow just after the $19,000 hike. This is largely a concern of public interest; a consensus will show you what I mean. The public interest index rate has fallen from 100% interest in December to 12% now.”

Statistics show that there is more than 600 thousand bitcoins exchange occurring every day. On the other hand, the social media is blaming Mt.Gox for selling away their Bitcoins. The Bitcoin price is dropping by 0.2% at the time of writing.

BTC chart

BTC chart

A Redditor says:

“The drop in price is because of Kobayashi that S.O.B selling his bitcoins when he should have waited till the $10,000 breach. Shitty move. Boo.”

Another Redditor says:

“it’s a free market. he can sell as many BTFC as he wants. let’s be honest. if you were trusted with that amount of BTC, you’d have sold way earlier and you would have crashed the market before anyone could make anything.”

A Twitterati says:

“Haters will hate but this is just a casual thing take it light. The market has just opened more space after that dumn Kobayashi sold his shitocoins-no offence to bitcoin.”

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