Bitcoin Reflections: 10th March 2018
Bitcoin has had a rough week falling over 20%. This is the sort of volatility that spurs the speculative nature of the asset. With an increasing amount of investors looking at the asset, nowadays it seems that Bitcoin finds itself as headline news around the world. For the long term Bitcoin bulls this is a good thing.
In the short term however we see how political and internal shocks can have a large impact on price. Here are a couple of things that happened in the span of the first week of March that may have played a role in this latest round of fluctuations:
1. Nobuaki Kobayashi cryptocurrency liquidations
Nobuaki Kobayashi is a Tokyo based attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange . He disclosed on Wednesday (7th March 2018) that he has offloaded $400m worth of Bitcoins to repay creditors and still has $1.9b