Cryptos Crash: Bitcoin Back Below $8k Into "Mystery Dip-Buyer" Territory

Today's weakness in cryptos, driven initially by concerns over Google's looming ad-ban, is accelerating overnight...

Hanging over the market still are concerns about next week's G-20 meetings (and the possibility of a more global standard for cracking down on cryptos) as well as the massive Mt.Gox sale overhang.

Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox, the largest bitcoin exchange in the world before hackers absconded with tens of thousands of customers' bitcoins worth billions at recent prices, said he started selling in late September, meaning it's quite possible he sold at least some of the coins at the highs reached toward the end of last year.

This is what Kobayashi's "sells" look like on the chart of Bitcoin...

Still, Bloomberg reported  that Kobayashi is sitting on another approximately $1.9 billion, which he says he plans to offload soon...

However, with Bitcoin battered back below $8,000, it has entered the "Mystery Dip-Buyer" Zone.

As a reminder, according to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18.

In total, this Bitcoin whale doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth somewhere around $900,000,000 at today’s price ($9,400).

 

Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 is number three on the top 100 richest Bitcoin address in the world.

 

So will "Mystery Dip-Buyer" come back in or will Kobayashi win?

Comments

StheNine lester1 Thu, 03/15/2018 - 01:22 Permalink

It should be the same price as a lottery ticket- Because that's how it is viewed by the majority of buyers. The idea and freedom of the cryptos is interesting,but in this day and age anything interesting usually gets consumed by the borg establishment,de-balled, and the original virtues are raped out. I really hope something like cryptos can change this.We all do.

 But if you've lived through the past 20 years,then cautious pessimism has probably usurped cautious optimism.

In reply to by lester1

pods netmonk Thu, 03/15/2018 - 04:09 Permalink

I'd take a gpu that was used as a miner, as opposed to one used by some kid hitting the thermal limiter on whatever game he's playing. My cards are broken down monthly to be blown/vacuumed out. If temps are on the high side, they are taken apart to check and see how good a job the Chinamen did with the attic silver, and tough up as needed.
pods

In reply to by netmonk

soyungato Thu, 03/15/2018 - 00:24 Permalink

Theresa May's 'Novichok' Claims Fall Further Apart

The British government claims that 'Novichok' poisons, developed 30 years ago in the Soviet Union, affected a British double agent. Such substances may not exits at all.

The 'whistleblower' for the 'Novichok' program and poisons published some chemical formulas that should enable any decent laboratory to reproduce them. But neither the existence of the claimed program nor the existence of the alleged substances were ever accepted by the scientific community.

The highly constructed drama around the alleged poisoning of a British double agent Skripal and his daughter has thus turned into a surreal play. The British government has so far given no evidence that the Skripal's were poisoned at all, or were poisoned by someone else. No detailed medical bulletin was published. The British accusations against Russia lets one assume that a suicide attempt has been excluded. Why?

There is no independent evaluation of the alleged poison. The British government claims that its own chemical weapon laboratory at Porton Down, only a few miles from where the incident happened, has identified the poison as one of the 'Novichok' chemicals.

But in 2016 a leading chemist at Porton Down published a piece in a scientific journal that denied that such chemicals exist. (Tim Hayword and Craig Murray both point this out):

StheNine soyungato Thu, 03/15/2018 - 00:43 Permalink

Every "the russians" story is wrong. EVERY ONE! Hilarious. Putin/russia is demonized by the West because it is pro family,pro some-kinda-economic-sanity,indifferent to the magical powers of gays,trannys etc.,and anti being destroyed by ciamossadmuslimbrotherhood terrorist's:they don't see why the m.e. must constantly be on fire. The West hates Russia because it's trying for (once traditional) Western values...

In reply to by soyungato

Sonny Brakes Thu, 03/15/2018 - 00:26 Permalink

All markets are manipulated. Why would Bitcoin be any different? There are people with enough money to bring it down and bring it back up when it suits them. I can envision a day when taxes will be payable in crypto and nothing else. that'll teach them. Fiat is script waiting to expire. We really can't continue thinking that the US dollar will survive in its present form. Currencies will soon come with expiration dates. They could choose to pay the workers in a script and the bosses in gold if they wanted to pass the law.

Lore HRClinton Thu, 03/15/2018 - 03:07 Permalink

Crypto-Commandments:

  • Thou shalt just think positive.
  • Thou shalt ignore or attack the negative.
  • Thou shalt rationalise all downturns as a conspiratorial buying opportunity.
  • Thou shalt proselytize. Thou art ambassador for the Next Big Thing, after all! (And if it does go south, thou sure as hell dost not want to be the sap left holding the bag, so reel in and fleece every potential mark you can...)

The 'crypto' prefix tells the underlying story -- that, and the energy requirement. In broad terms, we're witnessing the monetary equivalent of harvesting bacteria in petri dishes.

In reply to by HRClinton

wattie Thu, 03/15/2018 - 00:28 Permalink

Sentiment has changed in the crypto space...it's no longer up up and away.

Greater fools are running out....hence the lows with lower high recoveries.....