$85,238.00
0.87%$1,596.74
0.82%$2.08
0.56%$590.28
0.22%$139.08
3.98%$0.999991
0.00%$0.158011
1.98%$0.241674
-1.35%$0.627493
2.48%$1,594.71
0.77%$85,192.00
0.94%$9.36
2.40%$12.78
1.39%$19.54
2.75%$0.247036
1.46%$2.98
-0.23%$0.999888
0.02%$0.00001215
1.73%$0.165816
0.42%$2.14
1.19%$1,914.62
0.62%$337.90
2.30%$18.05
8.36%$75.99
0.60%$3.73
0.73%$4.46
2.35%$1.00
-0.00%$0.998881
-0.09%$0.644632
5.46%$1,596.31
0.65%$28.04
0.69%$215.29
-1.63%$1,700.40
0.69%$85,233.00
0.83%$5.26
1.42%$50.82
1.12%$0.00000718
1.05%$4.79
3.56%$22.59
0.87%$0.841941
1.86%$2.10
1.86%$1.048
0.02%$31.11
-10.80%$1.00
0.00%$15.76
2.77%$275.88
6.99%$4.81
1.99%$0.084108
0.42%$0.665116
0.71%$1.17
0.05%$138.78
0.22%$3.99
-0.34%$0.077221
0.28%$0.02326061
0.66%$4.16
-0.34%$4.23
0.09%$85,020.00
1.10%$8.47
11.02%$0.192437
0.57%$2.50
2.17%$0.18934
1.23%$0.998458
-0.04%$0.281425
0.84%$0.465325
-0.43%$2.38
0.08%$3.90
1.96%$0.5312
4.47%$0.292216
1.56%$85,152.00
1.01%$9.95
-1.96%$145.39
3.57%$1,357.80
1.01%$0.071389
0.93%$0.670455
2.10%$0.385947
2.35%$0.01675751
11.79%$3.91
0.97%$1.021
-0.75%$1,596.58
0.90%$1,662.18
0.60%$0.620181
-0.57%$0.00001212
1.85%$64.08
-1.07%$0.604877
2.67%$0.999369
-0.06%$0.716712
0.28%$0.170707
-0.24%$0.99999
-0.00%$1.00
0.01%$0.465425
8.07%$3,345.80
-0.23%$14.40
3.89%$0.999927
0.00%$0.613071
4.30%$8.23
4.08%$0.775787
2.85%$0.080825
4.64%$3,346.40
-0.22%$1,796.35
0.57%$83,739.00
-0.16%$590.43
0.10%$0.01456023
9.26%$85,058.00
0.71%$0.997768
-0.01%$0.682464
17.97%$153.35
4.08%$0.66798
4.36%$2.25
3.73%$178.91
4.05%$0.01471461
4.31%$0.263784
1.89%$0.697528
0.89%$0.01879592
6.31%$3.48
1.24%$0.998954
-0.03%$1,697.50
0.86%$0.00000061
1.08%$0.161671
1.18%$0.622236
-2.57%$0.240394
0.17%$0.100375
-1.24%$1.088
-0.40%$0.368388
3.30%$28.68
1.37%$0.00005693
1.83%$1.90
-0.04%$0.423184
8.00%$1.65
3.48%$0.501768
0.78%$0.278623
-0.44%$3.12
-0.28%$1,669.55
0.71%$31.38
4.31%$0.138522
-0.06%$85,024.00
0.60%$0.99814
0.01%$0.067328
-1.65%$83,058.00
0.81%$14.28
1.73%$0.999965
-0.02%$1.00
0.01%$1.66
-0.06%$0.419884
-1.46%$2.15
7.03%$0.581881
1.76%$85,168.00
0.84%$83,087.00
0.00%$0.00000042
-0.76%$0.00723395
-1.12%$0.438178
1.23%$1.084
1.03%$0.00442933
-0.75%$1.00
0.20%$0.406074
0.90%$0.157894
1.90%$1,666.11
0.76%$1.15
1.40%$0.00002013
1.07%$14.13
-1.35%$110.75
0.00%$5.56
-0.14%$85,014.00
1.17%$1,697.69
0.76%$1,595.71
0.64%$3.41
2.17%$0.56993
0.08%$22.62
-0.78%$2.28
0.86%$0.999426
0.01%$0.124712
1.00%$1,595.36
0.69%$0.03723575
1.90%$0.03587735
5.24%$39.71
-0.33%$0.442693
3.88%$0.068972
3.28%$5.39
1.22%$0.99955
0.01%$1,595.76
0.74%$1,596.31
0.93%$1.00
-0.00%$0.127109
0.06%$0.072909
3.72%$0.18932
1.08%$0.164055
1.93%$0.00005965
1.34%$0.998529
-0.04%$0.00615461
1.39%$0.999754
-0.00%$0.01658198
-0.60%$0.760661
0.67%$0.271262
0.29%$0.389025
-0.05%$0.494414
1.41%$0.03073086
0.07%$0.00479554
-2.21%$0.00353492
-0.37%$0.999739
0.02%$0.999148
-0.15%$0.04152023
15.68%$1,610.22
-0.09%$0.676262
2.13%$107.82
-0.48%$0.293399
-0.00%$85,232.00
0.90%$0.00000134
-0.03%$3,232.49
0.00%$2.43
1.19%$3.34
-4.22%$0.266849
0.32%$0.128401
1.05%$1.056
0.46%$85,111.00
0.13%$2.75
0.48%$0.210795
1.63%$21.10
2.06%$0.999799
-0.03%$23.30
7.31%$0.565928
0.55%$1,577.70
0.66%$0.999969
0.01%$0.172919
1.82%$0.419238
0.61%$1,596.51
0.80%$0.524165
-0.28%$1,688.01
0.79%$0.01177818
1.29%$0.02748384
1.23%$19.49
2.46%$1,710.92
0.84%$0.460625
0.55%$0.234972
-0.35%$0.00257933
3.96%$0.099629
0.85%$0.00037385
-1.37%$2.11
2.18%$3.41
-3.05%$1.14
0.24%$0.999829
0.02%$0.918437
0.90%$0.257064
-0.27%$0.00243965
3.00%$85,157.00
0.54%$0.085648
-2.23%$1,749.25
0.80%$13.00
2.84%$0.626198
-0.80%$0.216767
9.50%Reading
The price of Bitcoin has dropped 20% for the past two days running, falling from $9,000 to as low as $4,100. It’s currently back up to $5,400 but it’s changing rapidly.
Such declines are not unheard of in the crypto industry but these large back-to-back losses are fairly rare, even for Bitcoin. So, what caused them?
The main cause appears to be the crash of the traditional markets. US stocks fell into a bear market on Thursday, as all major indexes fell a further 10%.
“This is obviously a knock-on effect from the sell off we’ve seen on the traditional stock markets, while even so-called safe haven assets like gold have seen their values drop,” eToro analyst Simon Peters said, in a daily email update.
I've never seen anything like this in my fucking life pic.twitter.com/T5dg8cmYDs
— Flood [BitMEX] (@ThinkingUSD) March 12, 2020
“As governments across the world impose drastic public restrictions to halt the spread of the virus and financial authorities struggle to implement measures to limit the economic impact of COVID -19, investors are clearly feeling overwhelmed with bad news,” he added.
Galaxy Digital founder Mike Novogratz explained that, as a result, investors lost confidence in Bitcoin. “Bitcoin was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to Bitcoin,” he tweeted.
$btc was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to $btc.
— Michael Novogratz (@novogratz) March 13, 2020
Bitcoin bear Peter Schiff used the decline to argue that Bitcoin was worthless anyway. “With Bitcoin crashing below $4,000 I don't feel so bad about having lost all my Bitcoin. At the rate my lost Bitcoin are losing value soon the difference between having Bitcoin and not having any Bitcoin will be too small to matter,” he tweeted.
Euro Pacific Capital CEO Peter Schiff has commented on the declining price of Bitcoin over the last few days. The stockbroker is well known for being bearish on Bitcoin and the recent price crash has added fuel to the fire. “As Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still...
As usual, when there’s a market crash people look to Bitcoin futures exchange BitMEX. On Wednesday, $750 million was liquidated on BitMEX when the price dropped. In the last 24 hours, $922 million was liquidated, according to data site DataMish.
Some traders argued that, when the price went down, it started triggering all these liquidations, causing further price losses.
When discussing the recent price drop, Blockstream CEO Adam Back told Decrypt, “There were also some other factors like a large long squeeze on BitMEX and other Bitcoin derivative platforms.”
A Bitcoin miner has discovered an old Bitcoin wallet containing a small fortune—worth $8 million. According to a post on Bitcoin forum BitcoinTalk, a self-proclaimed Bitcoin "newbie" mined some Bitcoin using a personal computer back when it was possible to do so—before massive mining rigs took over. It appears they stumbled across the coin only recently and took to BitcoinTalk to find out what to do with the massive stash. 2010 wallet moving coins https://t.co/gSFn1ypESD pic.twitter.com/8rt0lGB...
On top of that one lucky Bitcoin miner found an old wallet with 1,000 BTC on it—that he mined in 2010—worth $8 million. While this won't have had a large effect on the market, it seems that he sold it, adding to the downwards pressure.
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: Reading tea leaves during Circle and eToro quiet periods, Bitcoin miners selling a lot of Bitcoin, and Semler Scientific offering securities to raise cash to buy Bitcoin to secure a loan to pay the DOJ. It’s oh so quiet There was a jolt of excitement this week when USDC stablecoin issuer Circle told Decrypt the company is in a mandatory quiet period on account of having filed their S-1 a...
Kraken has reorganized its staff across multiple departments in recent months as part of a strategic move before its planned initial public offering next year. A Kraken spokesperson told Decrypt that the company continuously evaluates its workforce to ensure it aligns with its strategic priorities. “We’re approaching this with discipline and intention, making the difficult decision to eliminate certain roles and consolidate teams where redundancies exist, while continuing to hire in key areas of...
eXch crypto exchange will shut down operations on May 1 following links to the $1.4 billion Bybit hack and an "active transatlantic operation," the team said Thursday. eXch is a privacy-focused crypto exchange known for operating without typical KYC, or know-your-customer) requirementsThe closure comes amid mounting allegations that eXch was complicit in the $1.4 billion Bybit hack in February, allegedly facilitating money laundered by North Korea's Lazarus hacker ring. The exchange cited an "ac...
