CoinMetrics Proves Bitstamp Drops Bitcoin Price To $ 9000
Bitstamp crashed bitcoin rate in a few seconds
Miners sold a record number of military-technical cooperation
Bitcoin price has been growing during the last quarter
International consortium of news organizations developing transparency standards.
According to the analytical service CoinMetrics, the sale on the Bitstamp exchange led to the general market drop in bitcoins. In just a few seconds, the value of the main cryptocurrency fell by $ 150.
Bitstamp deported bitcoin price
Researchers at CoinMetrics said the market plunge was fueled by trading activity on Bitstamp, where the price of Bitcoin dropped $ 150 in seconds, well below the rest of the market. The sale on Bitstamp coincided with a sudden dump of bitcoins by miners. ByteTree shows that miners sold 558 BTC more than they mined in the last 24 hours. This suggests that the miners corrected bitcoin on July 9, possibly by selling them on Bitstamp..
When miners start selling BTC and the market does not immediately adjust to the sellers’ activity, it can lead to a sudden pullback. This is what most likely happened on July 10, when the price of BTC dropped to $ 9,100 from $ 9,400..
Over the past month, miners have been regularly selling small amounts of BTC. But they have always maintained a “positive net stock” of coins. In other words, since the beginning of June, miners have sold less BTC than they mined.
As miners began selling relatively large amounts of bitcoin for the first time in a month, BTC faced a rapid short-term price drop.
Despite the pullback in price, Bitcoin quickly recovered, and on the morning of July 12 is trading at $ 9256.
Bitcoin continues to rise in price
The latest research by Binance Research showed that the price of bitcoin rose 42% in the second quarter, the largest increase in its value occurred in the first 45 days of the second quarter, fluctuating between $ 8,700 – $ 10,200, twice failing to stay above the $ 10,000 mark.
And the analytical cryptocurrency agency Weiss Ratings outlined the main reasons for the imminent emergence of the bitcoin rally, among which are the monetary policy of the US Federal Reserve, the influx of institutional investors, as well as the use of the Stock-to-Flow model, which says “the less goods, the higher their value”.
In general, analysts predict an increase in the cost of bitcoin to $ 10,500 – $ 11,000 by the end of the year.
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