IMPORTANT 💡💡💡💡
WHY MARKET ISNT GOING UP?
Why bitcoin is going down again and again even when March had to be the flourishing period for the market?
The answer is simple. Mt Gox was the biggest crypto currency exchange holding 70% of the bitcoins in circulation.
Around 850,000 btc were stolen from its exchange leaving the company bankrupt.
They immediately filed for bankruptcy protection from the creditors (investors).
Around 200,000 have been recovered only.
Now to the main point why BTC is not going up but down.
Since December, Mt Gox has been dumping a huge amount of BTC as soon as the price goes a little bit higher to pay off the creditors they have.
No one can control their this decision.
This month had to take BTC to the new height but it couldnt cause of the huge dumping by Mt Gox.
Uptil now, they have dumped only 35,000 BTC and BCH and will be dumping more.
Why did they wait for this long? They waited this long because they lost 850,000 btc while recovered only 200,000. Now that the price has increased, they can easily pay off their all the creditors.
This mess will continue for a few time. Although the market is stable originally and must be flourishing but the sudden crash in price is not an actual crash but the mess created by Mt. Gox.
We dont know when exactly you will stop seeing the sudden drop in price since it is ALL upto Mt. Gox.
