- 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
See Also:
- Bitcoin is slumping and analysts say there are 3 big reasons for the ‘fear and panic’
- ‘This is horse s—‘: Bitcoin traders are angry that Mt Gox’s crypto stash is being ‘dumped’ on the market
- Coinbase just made a big move to tap Wall Street’s appetite for cryptocurrency
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