• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Bitcoin ‘Crashes’ in Just Minutes

02/06/2020 15:07
No comments

Bitcoin has suddenly plunged by some $700 from above $10,000 to now around $9,500 at the time of writing.

In concert with all other cryptos the plunge was in just five minutes, with only two of those minutes seeing a significant price movement as pictured above.

It’s unclear currently whether there’s any specific reason for this fall or just markets being markets with their random walks.

The number $10,000 however is a pretty big resistance line with bitcoin trying to take it and maintain it for much of this year.

So a bear push back perhaps should have been expected with shorts jumping quite a bit recently.

Bitcoin shorts, June 2020
Bitcoin shorts, June 2020

Shorts have increased by some 2,000 bitcoins, worth around $20 million, with it unclear whether someone knows something or they just betting because resistance line.

There was quite a ‘battle’ yesterday between bulls and bears at $9,500 with bulls winning, but bears are now trying to give them a scare so we’ll see who actually wins.

Another potential factor is the miners going bankrupt. After the halvening the hashrate plunged, with miners selling more than they mine.

Suggesting at least some of them are eating into their savings until they run out and presumably close shop.

Hence why generally it is thought the halvening does not reflect until weeks or months as first the network has to ‘clean up’ the ‘weaker’ miners who didn’t prepare.

Once that process is over then the fall of new supply might start being reflected, with this drop potentially being from these miners but there may have been some development which we are not yet aware of.

In that case we’ll learn soon enough who may have engaged in insider trading, but as stated it may well be just markets being markets.

Copyrights Trustnodes.com

Related Posts

Euro area inflation, March 2023

Inflation Falls More Than Expected in Europe

Two Faced Elizabeth Warren Allies with Banks Against Crypto, March 2023

Elizabeth Warren Allies with Banks

Bitcoin Up on Futures Expiry as Stocks Replace CME

Banks Keep Rolling Fed Loans

Load More
  • Trending
  • Comments
  • Latest
US gov bitcoin holdings, March 2023

US Gov Becomes Top Holder of Bitcoin

CFTC

Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC

Biden and other global leaders at the Summit for Democracy, March 2023

Is Dedollarization Happening?

The National Bureau of Economic Research

Goldman Sachs and JP Morgan Can’t Survive Bank Run Says NBER Paper, Fail Stress Test

CFTC

Bitcoin, Ethereum and Litecoin Are Commodities Says CFTC

Biden and other global leaders at the Summit for Democracy, March 2023

Is Dedollarization Happening?

Euro area inflation, March 2023

Inflation Falls More Than Expected in Europe

Two Faced Elizabeth Warren Allies with Banks Against Crypto, March 2023

Elizabeth Warren Allies with Banks

Coinbase on the day of Nasdaq Listing, April 2021

Bitcoin Up on Futures Expiry as Stocks Replace CME

Fed St. Louis HQ

Banks Keep Rolling Fed Loans

Comments

Latest News

  • Inflation Falls More Than Expected in Europe
  • Elizabeth Warren Allies with Banks
  • Bitcoin Up on Futures Expiry as Stocks Replace CME

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?