Sentences with phrase «gox sold their holdings»
If Fortress and Mt. Gox sold their holdings of bitcoin in over-the-counter (OTC) markets, it could have minimized the impact of the massive sell - off on the market.
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Bitcoin has slumped more than 20 % this week amid increased regulatory scrutiny in the U.S. and Japan, an attempted theft at one of the biggest trading venues, and news that the bankruptcy trustee for Mt. Gox has started selling the now - defunct exchange's holdings to repay creditors.
CryptosRUs recently reported on how the massive market correction experienced over the past 2 to 3 months has been directly correlated with an enormous sell - off of BTC held by Mt. Gox bankruptcy trustee Nobuaki Kobayashi, which he claimed was needed in order to raise funds to pay off company debts.
The threat that the site might be hacked or was heading for insolvency was motivation enough for some customers to cash out at a far lower rate in order to ensure that their Bitcoin holdings — which are locked inside Mt. Gox — were sold for something and not lost forever.
Bitcoin price saw a decline last week after it was discovered that the trustees of bankrupt Japanese exchange Mt Gox had sold bitcoin holdings worth $ 400 million since the end of last year.