Now that the MtGox exchange is officially dead, what does the mean for the crypto world? Actually not much. So why the price drop?
MtGox was the first exchange and for a long time the biggest one. I give Mark Kapeles credit for that.
Nevertheless, they never were really professional. Serious traders have left that exchange for months already. It was just living on the glory of earlier days. The Bitcoin world has mature above that quality in the mean time.
Of course, a lot of people lost serious money now. The media makes a lot of noise around this big failure. If Bitcoin is strong, they cried “Bubble!” Now that the Bitcoin price is falling, they cry about the volatility.
Ignore them. The wise trader is greedy when others are fearful. Enjoy the cheap Bitcoins and stock up. The price will rise again in the next weeks.