Bitcoin dropped in value. After hitting 6700, the coin dropped 3.5 percent, and is now sitting on a value of $6452. This drop in value is closely tied to the now defunct exchange Mt. Gox, which is still sitting on a large pile of bitcoin. In total the sale would be worth 230 million dollars. This was confirmed by Nobuaki “Tokyo Whale” Kobayashi on the Mt. Gox website. So that’s why the price has been dropping.
Earlier he sold 24.658 BTC and 25.331 BCH. This happened in the period between Mt. Gox creditors meeting on March 7th and the court ruling on June 22nd. This allowed the Mt. Gox estate to move away from bankruptcy and enter civil rehabilitation.
Before that Kobayashi already sold 400 million dollar worth of BTC and BCH. He did this over a six month period as well, and this meant a major decline in value for the entire crypto market.
Currently Mt. Gox is still holding 137.891 BTC and 137.891 BCH. That has a total value of well over a billion dollars. Four years ago Mt. Gox filed for protection from creditors after 850.000 BTC was stolen during a hack. After recent inflation, that amount would be worth over 5 billion dollar.
Kobayashi and Mt. Gox are dropping BTC and BCH back into the market in an effort to give people their money back. Victims of the hack can file their documents until October 22nd. After that, the civil rehabilitation requests will be submitted to Japanese court before February 14th 2019.