What Mt. Gox is doing with Bitcoin...

Hello People,

Hope the day is going well for you and it's going well for me also.

Nowadays we can see a lot of news updates talking about Mt. Gox. There is a lot of action on the Bitcoin box is doing something which is creating a lot of discussions in the crypto market and it is because their wallets are doing transactions. This exchange has been transferring the Bitcoin continuously until now they have transferred 7.2 billion worth bitcoins till now.

source

Not sure if the exchange is selling those bitcoins in the market but we can surely see some deep in the market which can be because of the selling pressure coming from the exchange. Although there is no surety on the update but looks like the reason behind the current deal is because this exchange is trying to make money in this situation and the bit point is quite strong but exchange is trying to sell at the right time.

Bitcoin dipped 2% on May 28 after wallets labeled as belonging to the collapsed crypto exchange Mt. Gox moved 107,547 BTC worth nearly $7.3 billion to an unknown wallet — with more transactions coming in by the hour.

This is a big quantity which has been transferred by the exchange and they have moved it to an unknown wallet. The thing is that it is not just one transaction instead the exchange has done multiple transactions with massive amount of btc and of course the value is used that I have just indicated above. Now the question is are they going to sell all of these Bitcoin in the market? If they are going to sell them we will see the impact in the market price and probably we can see some sort of cash in different price. If that is not the plan then what this exchange is trying to do which is unknown because we don't know since there is no update and we all just assuming that they are planning to do.

There are accounts in social media that tracks the whale transfers and this is where the transaction got captured that the exchange is sending the bitcoins to the unknown wallet address which could possibly turn out to be a sales situation in the market. Again this is not clear because there is no official announcement from the exchange side but surely something is brewing around and this is why such big transpose of Bitcoin happening from one wallet to another.

Conclusion

You can just keep an eye to see what is happening around because things are not in your control and we just can't do anything. I just hope that Bitcoin stays in this price range which is close to 70,000 US dollars and if it shows strong support in this level then this is some good value in the coming days in this market. It's obvious that we can't reach directly 100K in one go but I think maybe by end of this year or may be after couple of months this can be a possibility if everything goes well. Let's keep an eye on the market and how it is performing in next couple of days to see how things are going to be.

Thanks for stopping by

Posted Using InLeo Alpha