Despite the Mt Gox trustee seemingly ready to sell a significant amount of Bitcoin the cryptocurrency markets are showing Bullish signs. A reassuring portent for investors is the volume of Wall Street purchases via CME Group Bitcoin futures trading, say eToro.
Bitcoin reached $9,740 USD this week, the closest it has been to the $10,000 mark for nearly two months. Moving above $10,000 would be a critical sign of positivity for the cryptocurrency market.
“Psychological resistance remains at $10,000, which oddly enough is almost exactly where the 200 Day Moving Average (blue) is right now,” explains Mati Greenspan, Senior Market Analyst, eToro. “A break above that would be a very good sign.”
Source: eToro
As yet the news of the Mt Gox bankruptcy trustee, Tokyo lawyer Nobuaki Kobayashi, moving 16,000 Bitcoins worth around $141 million USD out of cold storage, has yet to stall investors. The Mt Gox addresses still hold around 146,000 Bitcoin. Kobayashi revealed in March he had sold around $400 million Mt Gox Bitcoin and BCH in September 2017. Many Mt Gox creditors have yet to recoup their investments after the Mt Gox exchange ceased trading in 2014.
The move of Bitcoin from the cold wallets could indicate Kobayashi is ready to liquidate more of the coins, however the amount moved may signify some care is being taken to slowly sell the Bitcoin stash rather than flooding the market and causing a further depression.
eToro illustrate a very positive trend for the market as a whole in the following chart, detailing the spread of performance between altcoins. The “fanning” out shows coins are performing more independently, and on their own merits.
Source: eToro
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