Connect with us

Bitcoin

Bitcoin [BTC] flash drops to $7600, BCH below $1K, ETH below $600 and XRP at 59 cents

Avatar

Published

on

Bitcoin market crashing down
Source: Wikimedia

In a span of 20 minutes Bitcoin [BTC] flash dropped from happily trading at $7900 down to $7625 at press time, losing nearly 3.2% in under an hour.

Ethereum [ETH], Bitcoin Cash [BCH], Ripple [XRP] and virtually the entire market got pulled down with Bitcoin with the biggest loser being Bitcoin Cash [BCH] which has lost nearly 20% over the past week.

Bitcoin flash drops to $7600

Bitcoin flash drops to $7600

Experts analysts and influencers have been predicting a bull run since the past month and many saying that Coindesk’s Consensus could be the potential catalyst in the next bull run. Thomas Lee has been the biggest public advocate and brand ambassador of the next “bull run”

With the current drop, many argue the potential of Bitcoin breaking below $7500 and heading down to $6900, its previously held strong position.

Dheeraj Ravindran a Bitcoin trader says,



“Data from multiple exchanges show huge buying volumes present below the $7500 price point, it is highly unlikely Bitcoin would break that unless a whale probably sold all his coins which could then push the prices down much lower than we are all prepared to take in”

Ethereum drops below $600

Ethereum drops below $600

This current drop has baffled many investors like Luke Thomas who believes there is no media hype around this to push prices down so much.

Luke says,

“I’m really surprised by the way it is dropping, this is what you expect when the old Mr. Warren Buffet says something negative, maybe a whale just dumped all his portfolio. Ahh, when will this end?”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Bitcoin [BTC]: Blockchain reorgs are an important part of BTC protocol, says Money Button’s Ryan X. Charles

Arijit Sarkar

Published

on

Bitcoin [BTC]: Blockchain reorgs are important, says Money Button 's Ryan X. Charles
Credit: Pixabay

Shortly after a major hack cost one of the world’s foremost exchanges, Binance, 7000 BTCs worth $41 million, Changpeng Zhao’s brief consideration of ‘reorgs’ spurred the crypto-verse’s interest. While aimed at recovering a $41 million loss, the idea was quickly dropped since it signaled telltale signs of market manipulation.

While the hunt to find the Binance hackers continues, it has sparked a discussion within the crypto-community to find out the direct implications of a ‘reorg’. While most crypto-analysts, influencers, and entrepreneurs despised the reorg idea, Money Button’s Ryan X Charles created waves when he tweeted,

“Blockchain reorgs are an important part of the Bitcoin protocol.”

Discarding any concerns of “market manipulation by the miners”, Charles argued that the reorg process would “encourage miners to stay on top of their game”. He further supported this claim by saying,
“If a miner gets reorged, it’s their loss. Users don’t care because their transactions are included in both chains.”
As the tweet gained traction in the crypto-verse, the community exhibited mixed feelings about Charles’ take on the short-lived reorg idea. One crypto-enthusiast went to the extent of disputing Charles’ claim of reorgs not affecting users, responding,
“It does affect users. If your chain has high chances of being reorg from time to time, then I cannot trust 1 conf as final. So no matter if your fees are low and Tx come into the first block .. I will still need to wait for more confirmations than a reliable chain.”
With the hunt behind the lost BTCs still underway, the community is yet to agree unanimously on the implications of any reorg idea that may be proposed in the future. If the reorg idea were to finally catch fire in the future, experts speculate it to be the fundamental ‘damage control’ strategy for future hacks and thefts of the similar kind.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending