One of the four factors that caused the $2000 crash of Bitcoin(and subsequently all other coins) was the fact that a Mt. Gox Trustee sold $400 million worth of Bitocin, prompting others to follow suit.
My reaction is “who cares is some guy sells $400 million worth of Bitcoin?”. That is like .25% of the entire market cap, an insignificant amount. The market cap of Bitcoin is almost $160 billion which makes $400 million seems small in comparison. What this guy was trying to do is to start a cascade of sells(which he succeeded at) and then buy back in at the bottom to make large gains. This of course coincided with the SEC announcement and the Japanese suspension of 2 exchanges to create the mass panic that led to a 20%+ selloff in the last two days, thereby achieving this goal of the trustee.
People should not panic when they see large numbers. $400 million is small compared to how much Bitcoin is actually worth and should not effect the market value of the coin at all. The Trustee is also dumping because he needs funds for Mt.Gox’s creditors.
For those that don’t know Mt.Gox was a giant exchange that got hacked several years ago and ironically lost about $470 million in BTC that was stolen from it causing the exchange to shut down. While $470 million in BTC then was a large percentage of the Market Cap(about 7% of all Bitcoins then), it is an insignificant part of the market now(.25%). People need to realize that since Bitcoin has grown so much since then, that these moves should not be significant to the overall market and that when they sell there are buyers who will buy the coin. Bitcoin is rapidly recovering now and I think will recover well into the weekend and should be past $10,000 by Monday or Tuesday.