The price of Bitcoin has returned to lose interest in the first sessions of May, all after last month’s rally. Will The Japanese whale come back to sell BTC?
After a thrilling April, the price of Bitcoin returned to take a breath and in the first sessions of May it was even reported below the threshold of $ 9,000.
No specific reason has so far been mentioned as the main cause of the recent downturn, yet the last performance of the quote totally opposed those recorded last month.
In fact, in April, the price of Bitcoin showed a rediscovered strength that allowed it to recover at least in part the losses made from the beginning of the year to today.
Many have looked apprehensively at the moves of the “Tokyo whale”, namely Nobuaki Kobayashi, bankruptcy curator of Mt. Gox, the Japanese exchange failed in 2014. At its close was followed by an impressive sale of BTC (and BCH) which has often been mentioned as one of the main causes of the downturn in early 2018.
Bitcoin takes a breath after the rally
As already mentioned, the first days of May caused the Bitcoin to lose more than 3 percentage points and dragged the price back below $ 9,000. The decline followed the 33% jump in April, although compared to the beginning of the year the cryptocurrency is still 35% weaker.
However, it should be noted that the price drop below $ 9,000 was fortunately momentary: the listing of Bitcoin has succeeded, albeit slightly, to bring back just above the aforementioned threshold.
Many have looked apprehensively at the recent moves by the bankruptcy curators of Mt. Gox, the Japanese exchange which, following the bankruptcy, has imposed the sale of immense amounts of BTC, thus causing the weakness of the listing. According to what emerged in the last days, after the $ 400 million sold until February 2018, the so-called Tokyo whale would have dumped another $ 170 million.
Some in the cryptocurrency community, pointed out Mati Greenspan of Etoro, have shown concern over the recent movements in the price of Bitcoin observed concurrently with the decisions of Mt. Gox. According to the expert, the recent moves by the Japanese curators could anticipate a new phase of weakness for cryptocurrency.
At the time of writing, however, the price of Bitcoin seems to have stabilized and, with a positive variation of 1.66%, it is traveling at the threshold of 9.144 dollars.