3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered

3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered

The price of Bitcoin abruptly dropped over 3% in under an hour after surging to $13,350, but its high time frame log charts remain highly optimistic.

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Three factors likely triggered a quick decline in the price of Bitcoin (BTC) on Oct. 25. First, traders pinpoint the $13,300 to $13,500 area as a major resistance range. Second, futures and options markets are neutralizing. Third, weekend trading is seemingly amplifying volatility.

The $13,300-$13,500 range is a key resistance area for Bitcoin in the short term

Before the sudden price drop occurred, BTC soared from $13,127 to $13,350. The dominant cryptocurrency rallied swiftly to an area of interest for sellers as more miners moved BTC to exchanges.

Throughout the past week, data from ByteTree shows Bitcoin miners have been selling more than they mine.

BTC possibly saw a sharp correction as it surged to a key resistance range, which sellers aggressively defended.

Some technical analysts anticipated the price of Bitcoin to rise to around $13,500 before seeing a pullback. Before the volatile price action occurred, cryptocurrency trader Cantering Clark said:

Upside borrowing/leveraged long exposure will be more prevalent the further up this goes, but right now futures are consistently extended from spot and the friction is obvious. Maybe get one more pop up 13.5-13.8 before a nice sized pullback.”

2-hour price chart of Bitcoin with key support levels. Source: TradingView, Michael van de Poppe

Futures and options markets are neutralizing

After the week-long rally, the futures market started to show signs of overheating. Although the funding rate of BTC remained at an average 0.01% level, alternative cryptocurrencies demonstrated high funding rates.

The overall cryptocurrency futures market needed pullback to reset or cool down the funding rates of top cryptocurrencies. The Bitcoin Fear and Greed Index is also showing „extreme greed“ in the market, which makes a healthy pullback a positive trend for BTC.

Bitcoin Fear & Greed Index. Source: Alternative.me

Weekend trading typically spurs volatility

Meanwhile, the options market also faces expiration worth $750 million in about six days that could trigger volatility.

During the weekend, particularly on a Sunday, the volatility of Bitcoin and the cryptocurrency market tends to increase.

There are many potential factors that could cause volatile price movements to occur. Two main factors are lower the volume during the weekend and the anticipation of the Sunday weekly candle close.

If the price of Bitcoin stays over $12,000 in the next 15 hours, it would mark the first weekly candle close above $12,000 since January 2018.

Weekly price chart of Bitcoin. Source: TradingView.com

As such, while BTC continues to see high volatility, the optimism surrounding its high time frame log charts are buoying the general market sentiment.

One popular technical analyst known as „Squeeze“ emphasized that the macro view of Bitcoin remains optimistic, particularly as exchange BTC balances continue to drop reducing available supply. He said:

„Bitcoin’s macro view remains bullish as the Exchange $BTC Balances continue to decline sharply since March (whales are not yet selling. Even at $13,000.) There’s also around 136k BTC currently locked in WBTC/RenBTC.“


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The price of Bitcoin abruptly dropped over 3% in under an hour after surging to $13,350, but its high time frame log charts remain highly optimistic.

Maker Rallies 30% in One Hour Amid Upcoming Coinbase Pro Listing

Maker Rallies 30% in One Hour Amid Upcoming Coinbase Pro Listing

The price of Maker has surged 30% in less than one hour following news of forthcoming listings on Coinbase Pro.

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Support for Maker (MKR), the token underpinning the leading decentralized finance, or DeFi, protocol MakerDAO, is set to launch on Coinbase Pro on June 8.

The U.S.-based cryptocurrency exchange announced the forthcoming listing on May 29, with USD and Bitcoin (BTC) pairings set to go live in phases.

Coinbase Pro announces Maker pairings

Coinbase Pro will begin accepting MKR deposits on Monday, June 8. Trading is slated to commence at approximately 9am Pacific Time on June 9, providing the exchange’s MKR orderbook garners meaningful liquidity.

“[T]rading on our MKR-USD and MKR-BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,” Coinbase Pro stated.

MKR rallies 30% in one hour

Maker currently comprises the largest DeFi project by assets under management, currently representing $486.3 million in locked funds or 54% of the entire DeFi capitalization according to DeFi Pulse.

News of the forthcoming listing triggered a 30% rally in the price of Maker in just one hour, with MKR gaining from roughly $350 to $457 in less than 60 minutes.

Maker is currently up nearly 130% from the depths of its Black Thursday lows.


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The price of Maker has surged 30% in less than one hour following news of forthcoming listings on Coinbase Pro.

Only an Hour Way: Cointelegraph Talks Bitcoin Halving, Live

Only an Hour Way: Cointelegraph Talks Bitcoin Halving, Live

Cointelegraph hosts a discussion on Bitcoin halving. Join live at 12 PM EST as John Todaro, Alejandro De La Torre and Paolo Ardoino discuss the event

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The Bitcoin halving is only 6 days away so Cointelegraph has invited CTO at Bitfinex Paolo Ardoino, John Todaro, director of institutional research at Tradeblock, and VP of Poolin mining pool Alejandro De La Torre to hash out what to expect from the much-anticipated event.

Cointelegraph Talks: What to Expect from the Bitcoin Halving will begin at 12pm EST and you can follow the live discussion on Youtube and take part by sending in questions.


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Cointelegraph hosts a discussion on Bitcoin halving. Join live at 12 PM EST as John Todaro, Alejandro De La Torre and Paolo Ardoino discuss the event

BCH Post Halving: Two Hour Blocks, Hash Rate Hit

BCH Post Halving: Two Hour Blocks, Hash Rate Hit

The time between blocks on the BCH network stretched to two hours following the halving. What will happen to the hash rate from here?

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Not even a day has passed since the Bitcoin Cash halving and already the hash rate has taken a hit and block generation slowed significantly.

Many predicted that at least some miners would abandon BCH and move to more profitable coins like Bitcoin (BTC) after their rewards were halved from 12.5 to 6.25 BCH. But as hash rates rise and fall each day, the data for BCH is open to interpretation. 

Fork.lol shows a 60% fall in the BCH hash rate from 4.36 EH/s yesterday to 1.6 EH/s at the time of writing (using a 12 hour average). Coinwarz has it falling from 3.9944 EH/s to 2.4595 EH/s, while Bitcoin.com’s chart actually shows the rate increasing slightly to 3.5 EH/s.

In a report published April 1, Arcane Research said there was a real risk the hash rate would halve along with the cryptocurrency, anticipating “volatile days coming into the halving, and in the immediate aftermath.”  

Many in the crypto world were quick to notice a lag between blocks too. The BitMEX research team noted on their Twitter account that the time between block 630,000 and 630,001 was roughly two hours — it typically only takes ten minutes to generate a BCH block. 

At press time, 53 blocks have been mined in the past 15 hours, with the time between generation returning to 10-20 minutes.

Bears or bulls for Bitcoin Cash after the halving?

The price of BCH is up more than 17% across the week, but has fallen back 2.5% in the past 24 hours.

Though some are merely focusing on the price, many are concerned about what exactly will happen to the hash rate. While some BCH miners may abandon the coin to get better profits mining BTC, Bitcoin Cash miners have proven in the past they are willing to lose major capital to keep the price up, as they did in the „hash war“ of 2018.

A ‘Blockchain Lawyer’ on Reddit summed it up as: “the only thing keeping BCH afloat right now is crypto socialism and irrational miners.” 

BTC halving scheduled for May 14

The next BCH halving will happen in 2024, the first of 63 remaining. Bitcoin will experience its own halving in a month’s time.


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The time between blocks on the BCH network stretched to two hours following the halving. What will happen to the hash rate from here?

BREAKING: Bitcoin Crashes 17% in 1 Hour Below $6K in Coronavirus Panic

BREAKING: Bitcoin Crashes 17% in 1 Hour Below $6K in Coronavirus Panic

Coronavirus proves the last straw for Bitcoin as a huge sell-off sends BTC/USD to $6,300

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Bitcoin (BTC) made further dramatic losses on March 12, falling below $6,000 for the first time since May 2019. 

Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets summarized the grim day for Bitcoin traders as BTC/USD hit lows of $6,000.

The selloff intensified through Thursday, with 24-hour losses hitting 20% on some exchanges.

Bitcoin 1-day price chart. Source: Coin360

“And that looks like capitulation to me,” entrepreneur Alistair Milne summarized on Twitter.

As Cointelegraph reported, various analysts, including BitMEX CEO Arthur Hayes, believe the likely bottom for Bitcoin lies at $6,000. 

Altcoins continue to see heavy losses across the board, as cryptocurrencies move in step with panic on traditional markets over coronavirus measures enacted by the United States.

Keep track of top crypto markets in real time here


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Coronavirus proves the last straw for Bitcoin as a huge sell-off sends BTC/USD to $6,300

Bitcoin Price Suddenly Drops $300 in 1 Hour After $10,500 Rejection

Bitcoin Price Suddenly Drops $300 in 1 Hour After $10,500 Rejection

Bears have put a stop to Bitcoin gains for a second time this week as $10,500 sees clear rejection

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Bitcoin (BTC) fell by almost 2% in an hour on Feb. 13 as markets faced rejection after reaching higher levels around $10,500.

Crypto market weekly price chart. Source: Coin360

BTC suddenly dives to $10,150

Data from Coin360 and Cointelegraph Markets showed BTC/USD dropping suddenly by over $300 on Friday, hitting daily lows of $10,150.

A bounce had secured support slightly higher by press time, but volatility was conspicuous as Bitcoin failed to crack $10,500 resistance for the second time in a week. 

Bitcoin 1-day price chart. Source: Coin360

Friday’s losses coincided with news that the United States Treasury would seek to enact new regulations governing cryptocurrencies. 

Speaking to lawmakers in Washington on Wednesday, Treasury Secretary Steven Mnuchin said the mystery measures would aim to “make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number banking.”

“We are about to roll out some significant new requirements,” he summarized. 

Previous comments by both Mnuchin and President Donald Trump last year saw a delayed response from Bitcoin markets, with BTC/USD ultimately abandoning a bull run which began in April to see rejection at $13,800. 

Spirit of 2019 returns

Short-term performance nonetheless remains strong — Bitcoin is up 6.1% in a week, while monthly gains remain above 20%.

Moves of several hundred dollars on hourly timeframes are also not uncommon. As Cointelegraph reported, such behavior became almost habitual for Bitcoin during 2019.

Keep track of top crypto markets in real time here


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Bears have put a stop to Bitcoin gains for a second time this week as $10,500 sees clear rejection

Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record

Almost $9 Billion of Bitcoin Moved On-Chain in 1 Hour: Record

Almost $9 billion in BTC were moved on-chain in a single hour on Dec. 4, which constitutes an all-time high

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On Dec. 4, $8.9 billion in Bitcoin (BTC) were moved on the blockchain in a single hour, excluding change volume, which is Bitcoin that returns to the sender.

Bitcoin’s high transaction volume was pointed out by Rafael Schultze-Kraft, the co-founder of on-chain market intelligence firm Glassnode. In a tweet on Dec. 4, he claimed that such a high hourly transaction value was a first for the network:

“It’s the highest hourly USD transaction volume in Bitcoin’s history.”

Bitcoin hourly on-chain transaction volume in U.S. dollars. Source: tweet

Bitcoin hourly on-chain transaction volume in U.S. dollars. Source: tweet

Bittrex is responsible for the spike

Schultze-Kraft’s company apparently soon started work to uncover who or what was the reason for this unusual spike. Earlier today, on Dec. 5, Glassnode posted on Twitter claims that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times.

According to the tweet, the exchange performed 21 on-chain transactions within one hour, each of which moved around 56,000 BTC (nearly $416 million) for a fee of about $0.60. The tweet also contained a link to data pertaining to the first of those transactions.

Interestingly, the transactions took place ahead of the exchange’s maintenance scheduled for today. Cointelegraph Spain reported on the transactions yesterday, and Bittrex told the outlet that no hack took place.

While at present it is still unclear why the transactions took place, some speculate that the reason may be that funds contained in the exchange’s cold wallets were moved.

From time to time, Bitcoin’s blockchain shows seemingly anomalous activity that is explained later. One of the latest examples took place in November, when Bitcoin’s blockchain mempool was at its highest level since January last year without a corresponding spike in the number of unconfirmed transactions.


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Almost $9 billion in BTC were moved on-chain in a single hour on Dec. 4, which constitutes an all-time high

1 AM UTC Is the Most Volatile Hour for Bitcoin: Research

1 AM UTC Is the Most Volatile Hour for Bitcoin: Research

1 AM UTC was the hour of greatest volatility for Bitcoin from 2017 to 2019, crypto analytics firm LongHash found

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Researchers at crypto analytics firm LongHash have found 1 AM UTC to be the hour of greatest volatility for Bitcoin (BTC) over the past two years.

1 AM UTC had more daily highs and lows than any other hour of the day over a period from 2017 to 2019, according to research released by LongHash on July 17.

LongHash’s research is based on crypto price archives from major American crypto exchange and wallet service Coinbase.

The Hong Kong-based firm collected data from Crypto Data Download about Coinbase prices over the period from July 6, 2017 to July 2, 2019 and analyzed hourly high and low prices for each hour of each day. LongHash then compared each hour to the other 23 hours of each day, the company noted.

As LongHash found, 1 AM UTC saw the most activity on crypto markets followed by midnight over the analyzed period, which is purportedly caused by crossing trading hours in Asia and North America.

These hours are one of the times of day when Western and Asian traders are most likely to be active simultaneously, LongHash suggested, adding that 1 AM UTC is the beginning of the workday in Asia and the beginning of the evening in North America. As Asia’s traders are reacting to the news of the day in the morning, North American traders are still awake to respond to that reaction, the firm wrote.

Meanwhile, Bitcoin’s reclaimed its $10,000 support earlier today after the coin had dropped below the mark on July 16.


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1 AM UTC was the hour of greatest volatility for Bitcoin from 2017 to 2019, crypto analytics firm LongHash found