The bitcoin price, which had been holding its ground since a supply shock earlier this month, ha…
The bitcoin price, which had been holding its ground since a supply shock earlier this month, has suddenly moved sharply lower—dropping under $9,000 per bitcoin.The wider bitcoin and cryptocurrency market recorded similar declines, with most major tokens losing between 5% and 10% and wiping more than $10 billion from the total crypto market value. The precise cause for the sell-off was not immediately clear, although the market appeared to be spooked by old bitcoin tokens worth some $500,000 moving for the first time in years. “While it is unclear if it was [bitcoin’s mysterious creator] Satoshi Nakamoto, it is likely to be a very early-stage adopter of the crypto-asset, and the timing of the rumours themselves appear to be the source of yesterday’s flash crash. However, the price of Bitcoin could either increase or decrease if the 50btc which was moved for the first time, will be the beginning or end of such large number of BTC been moved in a short period of time.. Whichever way, this is the time to invest in BTC..
Or… could be what we’ve done over and over for the last few years staying within the same symmetrical triangle..
If moving 40 Bitcoins has this much affect on a $160 billion dollar market, then the market is merely a casino. Do we really need a precise sell-off reason?