Bitcoin Price Plunges After Overwhelming Demand
If you are into cryptocurrency, then the latest news of Bitcoin price plunges after overwhelming demand is going to be on your radar. This has come as a shock to many people and some experts are even suggesting that the price of this digital currency will continue to fall in the coming days.
The main reason behind this sudden drop was caused by a large number of people who were trying to purchase Bitcoins through online exchanges. A lot of them were using credit cards which did not allow them to make purchases using virtual currencies. In fact, some of these exchanges even stopped accepting payments made with credit cards and other methods due to security issues.
Another reason for this sudden plunge is the fact that a lot of investors who have been looking for ways to get their hands on Bitcoins suddenly discovered that they could not use their credit card to purchase them from the exchanges. These investors decided to sell off their coins in order to get hold of cash which they could then use for other purposes.
However, there are also some people who believe that it is too early for us to call the bottom of the market. If we look at the past, we can see that there have been many times when prices have bounced back after such major drops and it
Bitcoin Price Plunges After Overwhelming Demand
In what has been a turbulent day for the entire crypto market, it has been reported that the price of Bitcoin fell by as much as $1,000 in under an hour.
At the time of writing, BTC currently trades for $9,919 on Coinbase; down roughly 10% from its daily high around $11,000.
This latest flash crash comes after months of bullish activity in the cryptocurrency market. In fact, only days ago Bitcoin was trading above $10,000 and had recently broken through its 200-day moving average with ease.
Bitcoin Price Plunges After Overwhelming Demand
The price of bitcoin plunged by 15 percent to drop below $12,000 on Friday, and was heading toward its worst week since January 2015 amid fears that regulators could clamp down on the volatile cryptocurrency that skyrockete to a record high this month.
Bitcoin had hit a record high of $19,666 last Sunday, but then tumbled 30 percent to below $13,000 amid worries about a possible regulatory crackdown. It has now fallen by more than a third from its peak price.
It is not clear why the digital currency fell so sharply on Friday, but some analysts attributed it to profit-taking and possibly computer-driven trading. Others pointed to reports from South Korea that the government may ban cryptocurrency trading, according to Reuters.
The South Korean government has been stepping up efforts to regulate speculation in cryptocurrency trading as the frenzy over digital money has swept through the country. The regulations are coming after the Justice Ministry proposed shutting down digital currency exchanges in a notice posted on its website earlier this month.
“A few authorities are trying to control (bitcoin) for their own sake,” said Kim Jin-Hwa, who runs one of South Korea’s largest bitcoin exchanges called Korbit. “As long as we need
Tuesday, November 29, 2016
Bitcoin Price Plunges After Overwhelming Demand
The price of bitcoin tumbled from an all-time high this week after the government of Cyprus announced a bailout plan for its troubled banks that would involve taxing bank deposits. The price of bitcoin plunged from a high of $266 to below $65 in just two days.
Bitcoin is a digital currency that was created in 2008 by an anonymous inventor calling him or herself Satoshi Nakamoto. The concept behind bitcoin is to eliminate the need for a central authority or bank to process transactions and manage the creation of new units of the currency. Instead, this function is handled by computers that run open-source software based on an algorithm that Nakamoto devised.
The price of bitcoins has been volatile since they were first introduced and has seen a number of bubbles and crashes since then. In April 2013, the price spiked at $260 before crash landing to $60. Then in November 2013, the currency soared past $1,200 before crashing below $600 again. Now it has soared to another record high and crashed again.
The popularity of cryptocurrencies is on the rise and the price of Bitcoin has been skyrocketing in the last few days. The price of Bitcoin has almost doubled since March and it is currently trading at $1,400. The cryptocurrency market is also seeing huge increases in prices with Ethereum, Litecoin, Ripple and Monero all showing growths over 50% in the last two weeks.
In a blog post on Thursday, Bitstamp announced that they had suspended trading after receiving 3,700 requests to open accounts per day. Bitstamp said that the unprecedented demand for bitcoin was causing delays in processing transactions which were taking up to 12 hours to complete.
Bitstamp is not the only exchange that has had to shut down due to high demand from users. In February, Coinbase shut down their service after receiving 100,000 new users in just three days. Other exchanges have also reported similar problems but these problems are caused by an increase in users wanting to trade bitcoin rather than a shortage of available bitcoin to buy.
The problem with buying bitcoins on an exchange like Coinbase is that you need to provide personal details such as your address and phone number so it is not always possible for users who want to remain anonymous when buying bitcoins. This can cause a lot of frustration for
The bitcoin price plunged to its lowest level in roughly two months on Thursday, as the cryptocurrency market continued its recent struggle to turn positive.
Bitcoin (BTC) fell roughly 6% over a 24-hour trading period, bringing its price down to as little as $6,390 at one point. The digital currency has not traded this low since August 14th. The sharp decline followed reports that the Securities and Exchange Commission (SEC) had postponed a decision on whether to approve the first-ever bitcoin exchange-traded fund (ETF).
The news weighed heavily on the broader cryptocurrency markets, where most of the top 100 coins posted similar losses. Ethereum’s ether token dropped 5%, while Ripple’s XRP declined by nearly 9%. As CCN reported, the SEC announced this week that it would delay its decision on whether to approve an application filed by Cameron and Tyler Winklevoss, who want to launch an ETF based on bitcoin futures contracts.
The cryptocurrency market is still in its infancy. A lot of people don’t realize that Bitcoin is just one of many cryptocurrencies available today. However, it is the most popular and widely used.
There are different ways to invest in cryptocurrencies, but the easiest and most popular way is to simply buy a cryptocurrency on a cryptocurrency exchange and hold onto it until you’re ready to sell. It’s important to note that there are several different types of cryptocurrency exchanges that serve different purposes and offer different advantages. Some of them are easier to use than others, but they all have their pros and cons.
The best way to invest in cryptocurrencies is by using a broker or an exchange. You can buy coins directly from these platforms using fiat currencies such as USD, EUR or GBP. If you want to buy altcoins such as Bitcoin Cash, Litecoin, Ripple or any other digital currency besides Bitcoin, you will need to use an exchange like Binance, Coinbase Pro or Kraken to convert your fiat money into crypto assets first.