Massive Bitcoin Sell Going On

Today we have seen a couple of massive sells taking place on Mt. Gox and now currently there has been put up a sell order of more than 1000 Bitcoins on Bitstamp.net.

As you can see from the Bitcoin graph below we just saw a new sell order of 1011 Bitcoins to the price of 641 USD per Bitcoin.

Massive Bitcoin Sell order
Massive Bitcoin Sell order

Could this be related to the latest news about "Thousands of Hoarded Bitcoins Flood the Block Chain in Mystery Transaction"? There could be a big whale trying to sell off his coins, or some of his coins, from earlier Bitcoin-days. If this is so, we will have a "flooded" Bitcoin market in the coming weeks where we will see a much lower Bitcoin price than today we are experiencing today.

On MT. Gox there was a sell of more than 900 Bitcoins today:

Today we saw a sell of more than 900 Bitcoins on MT. Gox
Today we saw a sell of more than 900 Bitcoins on MT. Gox

This leads me to believe that there could be some major happenings going on where a Bitcoin-whale or more wants to capitalize their earnings. They could be afraid of what the US Government comes out with in January as predicted by the US Senetar Thomas Richard in the post "US Senator: We will receive a Bitcoin report next month, virtual currencies are not going away (video)".

What do you think? And who is selling the coins?

This is a part of the Cryptocurrency Investment Club by CryptoCoinsNews.com.

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About the author

Jonas Borchgrevink
Jonas Borchgrevink

Founder of CCN.com and Hacked.com. Passionate about how technology can empower people to create a more just and sustainable world.

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