Bitcoin (BTC) Shrinks Below $6,400 on Negative Crypto News
Cryptovest
Published Jul 10, 2018 10:22AM ET
Updated Jul 10, 2018 10:41AM ET
Bitcoin (BTC) Shrinks Below $6,400 on Negative Crypto News
Bitcoin (BTC) lost value again on Tuesday, falling below $6,400 and proving that the cryptocurrency remains shaky, while the bear market seems far from over. After one good week that has ended on a high note, a slide started on Monday and deepened on Tuesday. The BTC losses usually come in flash crashes, and the latest was no exception to that rule.
BTC prices opened with some optimism near the $6,700 range, but during the day trading has worsened, dragged down by a series of bad news, including a security break in Bancor, and a freeze in Cryptopia. Additionally, Indian exchanges are having a moment of reckoning, as they are seeking a workaround to being banned from handling cash deposits and withdrawals.
BTC prices sank to $6,387.64, losing about 6% net overnight. With extremely low trading volumes, shifting the BTC price is getting easier. Trading the leading coin now takes up just around $4 billion in 24 hours.
!Bitcoin!
A price curiosity in Bitcoin saw the effect of Tether (USDT) expand to unprecedented levels this week. At the start of the day, USDT trading share had expanded to 50%, meaning BTC was active mostly on crypto-only exchanges, lacking fresh fiat inflows. Later during the day, the share of USDT trading fell to 35%, more in tune with the usual range.
BTC could be sold off for the more stable USDT asset. With even the smallest BTC climb of a few hundred dollars, selling ensues, to lock in gains. At the moment, no one has expectations that BTC would allow for larger gains and return to the $15,000 levels or above. This time, trading is in search of small, short-term gains, shortening the cycle of booms and busts to a few days, instead of months.
This Tuesday came with another market-wide shakedown, which took down altcoins and tokens as well. Most leading assets slid by around 15%, either because of their connection to the price in BTC, or due to being sold off for fiat-like positions in USDT.
This article appeared first on Cryptovest
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