Another theory has been postulated by CCN.com with regards to the current loss of over $50 Billion in market capitalization in the entire crypto market. Less than 24 hours ago, the total market cap was sitting comfortably at levels of $440 Billion but now that figure has dropped to levels of $389 Billion at the moment of writing this. This has in-turn affected all the values of the coins and tokens in the markets with the top coins not being immune to the dip. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tron (TRX) and other top coins have been affected with most showing decreased price values of between 7% to 25% in the last 24 hours.
With regards to the Mt. Gox possible dump of over 8,200 BTC as reported by CCN.com, there are four alleged wallets of the Mt. Gox trustee that have moved around 2,000 BTC each. They have sent over 8,000 BTC in total in the past 24 hours. The Mt. Gox trustee had been ordered by Japanese authorities to sell off over 200,000 BTC and convert to Japanese Yen in a bid to reimburse creditors. This means that if the transactions are confirmed, the BTC funds are most likely being sold on cryptocurrency exchanges.
Back in March, another selloff was orchestrated by Mt. Gox as they set out to reimburse the same Mt. Gox’s creditors. Being the trustee, Noboaki Kobayashi had this to say about the sell-off back in March:
“I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of the sale. I plan to consult with the court and determine further sale of BTC and BCC”
When you add the Upbit news of South Korean officials raiding their headquarters and taking away books and hard-drives for audit purposes, you get the feeling that today was perhaps a not so good day in the Crypto-verse. The exchange is being accused of actually trading without having the actual cryptocurrencies at hand. Everything has been doctored and traders are not aware. What the exchange has been accused of doing, is carrying out fake balance sheets to deceive traders and investors.
Many traders have probably withdrawn their funds from the exchange in a panic causing the current market dip.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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