Mt. Gox Bankruptcy Trustee Denies $400M Sale Impacted BTC Price
In the recently-held Q&A with creditors, Nobuaki Kobayashi made several statements regarding the sale of $400 million worth of bitcoin and bitcoin cash, initially belonging to Mt. Gox. According to the trustee, "Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the [greatest] extent possible."
So far, the trustee has not disclosed any precise details regarding the manner in which the funds were sold. The comment was made following speculation attributing the digital currency price crash to the BTC and BCH sale carried out by the trustee.
Back on March 7th, the trustee announced that a total of 35,841 BTC and 34,008 BCH were sold between December 2017 and February 2018, these being the timeframe associated with the price decline of most digital currencies. Additionally, on the 5th of February, 18,000 BTC had been moved from a wallet to another, thus leading to another drip in the BTC price.
While there is no definite proof that the sales have led to the decline in price, time-wise there is a link between the two events. In the Q&A, the trustee also mentioned: "Please retrain from analysing the correlation between the sale of BTC and BCC by us and the market prices of BTC and BCC based on the assumption that the sale was made at the time the BTC and BCC were transferred from BTC/BCC addresses that I manage, as such assumption is incorrect."
Regardless of how the sale has been carried out, bitcoin has shown value sensibility whenever large quantities are transferred, or sold.