Bitcoin Price Crashes Below $54,000: Top-5 Reasons
In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. From a high of nearly $72,000 in early June, the price of BTC has now declined by almost 25%. Here are the key factors behind yesterday’s dramatic fall in price. #1 Mt. Gox’s Bitcoin Repayments The impending distribution of 142,000 BTC by the defunct crypto exchange Mt. Gox has significantly stirred market anxiety. This amount, representing 0.68% of the total Bitcoin supply, is slated for distribution among the creditors of the exchange, which ceased....
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Data shows amid the panic of the crypto crash, the Bitcoin mining hashrate has gone flying to a new all-time high. Bitcoin Mining Hashrate Surges To New All-Time High As Price Crashes According to the latest weekly report from Arcane Research, the BTC miners’ revenues continue to suffer as price crashes and competition becomes all-time […]
Bitcoin reached a low of $550 last night, down by more than one hundred dollars from $680 for the third day in a row. The unexpected crash coincides with the end of the first Australian Bitcoin Auction which closed around the same time as bitcoin’s price movement. 24,500 bitcoins, valued at $19 million prior to the crash, were sold in a 48 hours sealed-bid auction in 11 lots of 2,000 bitcoins and one lot of 2,518 bitcoins. The auction ended at 12.01 am on the 22nd of June 2016, just as price moved sharply. It is not currently known who participated or how many individuals/companies took....
Bitcoin is nearing a psychological tipping point, gold parity. Its price has been accelerating in the past few days, increasing by $100 in just over 24 hours. Meanwhile, gold has fallen by $200 this quarter, currently standing at $1,134.45. Gold’s Price This Quarter. There appears to be a strong inverse correlation between gold and bitcoin from September to now, with bitcoin gaining $300 while gold has lost $200. The reasons for this inverse correlation are not fully clear. Bitcoin’s Price on Bitstamp. Gold usually performs well in times of uncertainty, as is often the case with bitcoin,....
Ethereum Classic lost more than 10% of its value today with price standing just above $1 as the network comes under sustained dos attack. The attacks are similar to those experienced by Ethereum over last month. A programmer is exploiting gas mispricing for certain op codes to drain nodes of memory and other resources thus slowing them down. Who or why is a matter of speculation. For ETC, considering the dramatic price movement, it could well be financially motivated and might not even be the original attacker, but a copycat. Ethereum Classic’s Price Crashes as Network Comes Under Dos....