Bitcoin quickly broke through $10k and $9k barriers.
There are three big catalysts driving the fear and uncertainty derisking in crypto this week, as Bloomberg reports, Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago. Kobayashi is studying further sales of the $1.8 billion remaining.
“The screen is flashing red today and people are getting fearful,” said Caleb Yap, co-founder of Singapore Bitcoin Club. “Weak hands are definitely wanting to sell. If Mt. Gox can dump $400 million of Bitcoin just like that and there’s still billions left, the fear is when is the big drop coming.”
Signs of growing regulatory scrutiny have added to investor jitters. On Thursday, Japan’s Financial Services Agency ordered two exchanges to halt operations for a month and penalized four others. That announcement came just hours after a warning from the U.S. Securities and Exchange Commission that many online trading platforms should register with the agency.
Even Ethereum is back in the red year-to-date.
All alts follow it with a downtrend tendence