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Cryptocurrency News & Discussion
r/CryptoCurrency
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![Take My Energy](http://web.archive.org./web/20230307030544im_/https://preview.redd.it/award_images/t5_q0gj4/p4yzxkaed5f61_oldtakemyenergy.png?width=32&height=32&auto=webp&v=enabled&s=dfb00ece05340570177df7cfa1af6d2737c0910b)
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Mt. Gox was a bitcoin exchange based in Tokyo, Japan. This exchange launched in 2010, though orginally it was founded in 2006 as an exchange to trade Magic: The Gathering Online cards. That explains the acronom MTGOX. In early 2014, it handled over 70% of all Bitcoin transactions:
Source: Miles DeutscherThen, February 2014, when it all looked golden for Mt Gox, customer complaints were increasingas people were experiencing huge delays trying to withdraw their Bitcoin. Mt. Gox then suddenly suddenly ceased operations on 7 February 2014 due to revelations of its involvement in the loss (well, theft) of 850K Bitcoin. That would be more than 4% of the total Bitcoin supply right now.
Wizsec, a security company, concluded a year later that "most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot cryptocurrency wallet over time, beginning in late 2011." This has often been labeled as the biggest black swan in history.
As of March 10, 137,890 Bitcoin will (start to) be unlocked. The value is over 3 billion USD. With Bitcoin at a price of $22,430 at the time of writing, this is an insane increase for the creditors, because when they lost access to their Bitcoin, the value of Bitcoin was around $800.
Credit: lookonchainThe question is, what will the effect be on Bitcoin's price and how much of the 138K Bitcoins will be sold? The creditors are sitting on a lot of profit thanks to forced HODL. We already know from 2022 that a relatively minor percentage of the supply can do a lot of damage to the price of Bitcoin...
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While thinking back to one of my own best or most “euphoric“ moments in Crypto, it would certainly be the end of 2021, where we just seemed to be back on a rally after the China mining ban caused a crash before and this coupled with the Futures ETF releasing made up one of the most euphoric phases in Crypto as nearly everyone was expectant something like $100 by End of Year.
But this was not, we obviously also had occasional drops like when we reached the ATH at $64k and dropped for a week below, there was no drop in sentiment though. People were still euphoric but some had regret that they did not buy more or did not enter Crypto early, their famous phrase often was: “I would buy BTC below $20k in a heartbeat“.
Well, here we are and we can say that most of those that really wanted us to go lower so that they could buy the “dip“ had already left us a long while ago. On this chart we can also pretty well see how the trading volume has been decreasing as we dropped lower, this may be one of the closest ways to identify how many investors leave the markets as there is no “user“ metric for Crypto.
And I also think that it will be no surprise that exactly those traders will probably FOMO in next time again and say something like “Wish I could have bought below $50k, would buy there in a heartbeat now“, just to paper-hand directly once the bear starts. Guess this just the Cycle of Crypto…
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