Bitcoin Fear & Greed Index: Why Mt. Gox and Government Sales Are Spooking Investors

• Bitcoin’s value plummeted to $57,043 early today.
• Analyst Lark Davis attributes the crash to fears of Mt. Gox selling 140K BTC worth $9 billion.
• Mt. Gox plans to start repaying customers in BTC, BCH, or cash this month.

Cryptocurrency pundit Lark Davis recently commented on the persistent bearish sentiment in the crypto market, which has lasted for nearly a month. Earlier today, Bitcoin hit a low of $57,043 and had not recovered from this significant drop at press time.

According to Davis, the market is reacting to fears surrounding the bankrupt Japanese exchange Mt. Gox, which might sell Bitcoin valued at over $9 billion. He noted that the market is reacting to the fear of these potential sales, not the actual sales, which have not yet occurred.

Late last month, Mt. Gox disclosed that it would begin repaying customers whose funds have been trapped on the platform for a decade, starting in July. Customers can receive their repayment in Bitcoin (BTC), Bitcoin Cash (BCH), or an equivalent value in cash.

Notably, the defunct platform has 140,000 BTC valued at around $9 billion under its watch. Davis reassured investors that this billion-dollar selling pr…

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