Crypto investors are hopeful that Mt Gox’s bitcoin sell-off will be halted until September

Mark Karpeles (C), chief executive of defunct bitcoin exchange Mt Gox, attends a news conference after a trial on charges of embezzlement in Tokyo, Japan July 11, 2017.REUTERS/Toru Hanai

  • Last week the trustees of bust bitcoin exchange Mt Gox said they had sold $ 400 million of bitcoin since the end of last year.
  • Bitcoin investors blamed the large sell orders for a slump in bitcoin’s price at the start of the year.
  • Many investors believe Mt Gox’s trustees can’t sell any more bitcoin until the next creditors meeting in September.
  • The expected pause in selling is helping bitcoin rally from recent lows.

LONDON — The price of bitcoin is rising against the dollar on Tuesday morning amid chatter among investors that a major seller is unlikely to continue to offload more bitcoin in the near future.

Bitcoin slumped last week after it emerged that the trustees of bankrupt Japanese exchange Mt Gox had sold bitcoin holdings worth $ 400 million since the end of last year.

See the rest of the story at Business Insider

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of and Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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