We are experiencing a flash crash in the crypto world.
Bitcoin dropped 11% in a matter of minutes about 10 minutes ago. The causes? One of them is the selling of over $400 million worth by a Mt. Gox trustee named Nobuaki Kobayashi. The news was announced today even though the sell off has been progressing for months.
Japan is talking about regulation of cryptocurrency. While this is not necessarily a new idea, the powers that be have been getting stronger with their urgency to do so.
Binance also had to shut down withdrawals because there was a fear that keys were stolen, allowing hackers to steal coins from the exchange. Alt coins were mysteriously being sold without the users consent. So when people were looking at their account, all they had was bitcoin.
What does this all mean? Well, Bitcoin as of now sits around $9,600, even though it started out the day over $10,800. Also, the entire market cap is hovering around $360 billion. We could see a significant dip for the rest of the day, possibly weeks in congruence with this news.
Not a great way to start hump day. FUD is inevitable. But still, hold strong folks.
If you are looking for links to the articles, you can find it here:
https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/
https://www.coindesk.com/report-japanese-regulator-punishing-crypto-exchanges/
