re: Official CryptoTalk Thread

Also, just so people are aware, this dip was caused by Mt. Gox coins flooding the market.

And, an argument could be made most dips this year were a result of Mt. Gox coins.

quote:

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On December the 22nd, the trustee moved 6,000 bitcoin. That’s the big red daily candle above labeled 2, sending price from nearly $16,000 to a brief low of $10,800. It appears he gave some time for the market to recover, then on the 17th of January at 3AM he sold 8,000 bitcoins. Crashing the market again. He then sells another 6,000 on the 31st of January, but the vast majority was sold on the 5th of February, 18,000 in total. Sending the price to its recent bottom from which it then went on to recover and nearly double as the selling finally stopped.

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There is an estimated 165k remaining BTC that may or may not need to be sold.

So, that means there's good news and bad news.

Bad news: There's 165k coins left and we likely have more Gox-related dips in the future.

Good news: We've been getting dumped on for 2-3 months and recovered semi-well everytime. History has shown BTC will get dumped. BTC will dip. BTC will be gobbled up at a lower price. BTC will rise.

So-So speculation: This may be a onus for a "flippening". Why would anyone HODL BTC knowing this is coming after every recovery?

eta: edited to clarify that its not guaranteed that the 165k remaining btc will need to be sold.