Crypto Carnage Continues – Bitcoin Below $9000
by Tyler Durden
ZeroHedge.com
Fri, 03/09/2018
After a triple whammy of FUD this week (SEC crackdown, Mt.Gox overhang, and Japan shutdowns), cryptocurrencies are seeing broad-based selling pressure (majors down around 20-25%) with Bitcoin back under $9000.
Correlation has picked up once again as cryptos push lower…
There are three big catalysts driving the fear and uncertainty derisking in crypto this week, as Bloomberg reports, Mt. Gox’s bankruptcy trustee, Nobuaki Kobayashi, disclosed on Wednesday in Tokyo that he sold about $400 million of Bitcoin and Bitcoin Cash since late September, part of the hoard left behind when the exchange collapsed four years ago. Kobayashi is studying further sales of the $1.8 billion remaining.
“The screen is flashing red today and people are getting fearful,” said Caleb Yap, co-founder of Singapore Bitcoin Club. “Weak hands are definitely wanting to sell. If Mt. Gox can dump $400 million of Bitcoin just like that and there’s still billions left, the fear is when is the big drop coming.”
The Rest…HERE