The market crashed and people began wondering why, but their question was quickly answered by the news that some $9 billion worth of BTC connected to the infamous Mt. Gox’s bankruptcy were about to be offloaded.
The trustee for Mt. Gox’s bankruptcy estate began repaying creditors, and that made BTC crash, and therefore the whole market crashed, and even Coinbase and MicroStrategy stock price fell.
Mt. Gox was once the world’s largest exchange but a hack attack in 2014 resulted in the loss of around 740,000 bitcoin, and of course it also led to the company’s demise.
The thing is, 2014 was a very long time ago in crypto. Back then, BTC was worth around $300-400, it is obviously $55,000-$57,000 these days.
This means that even though creditors will only receive pennies to the dollar, said pennies are still worth a lot more than they’d paid for it.
And the market certainly doesn’t like that.
bitcoinea 
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