Effects of Mt. Gox Trustee's $400 Mln Sale on Bitcoin Market
An economic analysis of the effects the Mt. Gox bankruptcy trustee’s decision to sell $400 million of Bitcoin on online exchanges has had on the Bitcoin market.
This article previously contained inaccurate data, it has since been updated for accuracy.
On March 7 a report addressed to the Tokyo District Court revealed that a Mt. Gox bankruptcy trustee – Nobuaki Kobayashi – may have contributed to the three month downtrend in the cryptocurrency market.
Over the past three months, Nobuaki Kobayashi has sold over $300 mln in Bitcoin on two public exchanges. Some critics believe Kobayashi's sales put so many Bitcoin back into circulation, that the sales contributed to severe drops in the price of Bitcoin. Bitcoin has declined 51.6 percent since its Dec. 17 peak of almost $20,000, and it is suspected that Kobayashi was a significant factor in the decline.
Image source: Coinmarketcap
Who is Nobuaki Kobayashi?
Nobuaki Kobayashi is a lawyer at the Nagashima Ohno & Tsunematsu law firm headquartered in Tokyo. The District Court of Tokyo assigned Kobayashi to be the Mt. Gox Bankruptcy trustee in a document released on April 24, 2014.
Image source: Noandt.com
According to the Tokyo District Court report Kobayashi is planning to consult with the court on how the sale of the remaining 166,344 Bitcoin (BTC) and 168,177 Bitcoin Cash (BCH) under his management should be conducted.
“I plan to consult with the court and determine further sale o