October and November could see Bitcoin price sink faster than the Titanic because of an ongoing court case in Japan! This case is against Mt. Gox who were once the worlds largest Bitcoin exchange, the company filed for bankruptcy in 2014 after numerous hacks which saw 850,000 Bitcoins disappear. However 200,000 Bitcoin have now been recovered and will be sent back to their owners either in the way of cash at the price BTC was at in 2014 $450 a coin, or they will be returned as BTC at todays price depending on the outcome of the court case.
Either outcome could spell trouble for BTC price because if investors do get returned compensation as bitcoin they will more than likely sell as their investment has massively gone up from $450, casing a market crash as the estimated amount of BTC to be distributed is £4bn! Just imagine the carnage of 4 billion worth of BTC getting sold all at the same time.
Lets look at the other outcome, say the investors only get $450 back each, the company that went bankrupt will have the 4 billion BTC, what do you think they are going to do with this? That's correct SELL! So either way BTC could be coming for a massive push down.
This is just something to keep your eye on.
If you have any questions then please just ask.
Cheers.
Either outcome could spell trouble for BTC price because if investors do get returned compensation as bitcoin they will more than likely sell as their investment has massively gone up from $450, casing a market crash as the estimated amount of BTC to be distributed is £4bn! Just imagine the carnage of 4 billion worth of BTC getting sold all at the same time.
Lets look at the other outcome, say the investors only get $450 back each, the company that went bankrupt will have the 4 billion BTC, what do you think they are going to do with this? That's correct SELL! So either way BTC could be coming for a massive push down.
This is just something to keep your eye on.
If you have any questions then please just ask.
Cheers.