What is the reason for this?
While this week Craig Wright was ordered by the court to give $5 Billion worth of Bitcoins i.e. 50% of his Bitcoin Holdings to Dave Kleiman .
The Court Said,
Dr. Wright and David Kleiman entered into a 50/50 partnership to develop Bitcoin intellectual property and to mine bitcoin; (2) any Bitcoin-related intellectual property developed by Dr. Wright prior to David Kleiman’s death was property of the partnership, (3) all bitcoin mined by Dr. Wright prior to David Kleiman’s death (“the partnership’s bitcoin”) was property of the partnership when mined; and (4) Plaintiffs presently retain an ownership interest in the partnership’s bitcoin, and any assets traceable to them.
While this happened Craig Wright said that , Once David receives the Bitcoin he will sell most of the bitcoins to pay the taxes.
It is approximately 500,000 Bitcoins which is around 3% of the total Bitcoin Supply.
If this happens it will be a huge dump in the market and Bitcoin's price will crash very hardly!!
Is this the reason for the recent Sell-Off well most probably YES!.
Because there is no other Major factor to take the Price of Bitcoin Down at such a Rapid Phase.
Will Bitcoin go lower?
We have to Wait and See
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