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Market Crash: Bitcoin [BTC] falls to $5815, fresh lows

Simran Alphonso



Flash Crash: Bitcoin [BTC] falls to $5815, 2018's lowest
Source: Pixabay

Bitcoin is continuously breaking its lowest points of 2018. The coin was trading at the price of $5755 on 24th June. After fighting the resistance, Bitcoin broke the record again by falling to $5815. The market cap also fell below the $100 billion margin during the crash.

BTC trading chart | Source: Trading View

BTC trading chart | Source: Trading View

The only thing currently pumping in the crypto market is tension with Bitcoin and its fluctuations. Bitcoin started the month of June with its trading price as $7,508 and now fell to $5815. The coin has fallen over $1600 this month.

On June 10th another flash crash occurred, Bitcoin had dropped to $7200 from $7600 under 2 hours. Almost all cryptocurrencies faced the same game troll, as they dropped by -5%.

Furthermore, on 23rd June Bitcoin dropped over $600 in 10 hours. BTC today has been falling rapidly in the past few hours and is facing its lowest points of the year.

At press time, BTC has a trading price of $5878. With a market cap of $100 billion, the coin has seen a fall of 3.90% in the past 24 hours and its weekly cap runs red with 10.84%.

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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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