ANOTHER REASON WHY #BITCOIN IS DOWN - MT. GOX

I told you in my previous post today that the Bitcoin price dump was due to the German government dumping $300 million BTC last week.  They got over 50,000 BTC from a guy convicted  of criminal activity. 

But today, the Bitcoin crash is due to the incoming Mt. Gox $9 BILLION Bitcoin Distribution! This is a repayment plan that is scheduled to happen next July. 

According to Coindesk, Mt. Gox, the defunct crypto exchange is supposed to return over 140,000 bitcoin to victims of the 2014 hack. The repayments will be made in bitcoin and bitcoin cash, and could possibly add selling pressure to both markets.

In May, the exchange transferred more than 140,000 BTC valued at approximately $9 billion from cold wallets to an undisclosed address across 13 transactions, marking the first on-chain wallet movements in five years. According to CoinGecko data, Bitcoin prices fell from over $62,300 during early Asian trading to below $62,100 shortly after Mt. Gox's statement was released.

** This is not financial advise but for educational purposes only. Please DYOR. ***