Bitcoin price fails to remain above $3,400 mark

0
148
Bitcoin Price, Bitcoin

Bitcoin price witnessed a stunning surge from Sunday to Tuesday as it rocketed from $2,800 to over $3,400, but it wasn’t able to retain the momentum and failed to remain above the $3,400 mark.

The Bitcoin bull run shows renewed confidence in the cryptocurrency and while the first ever digital currency witnessed a price surge, it wasn’t the only one. Ethereum, Bitcoin Cash, and all other altcoins also saw tremendous gains thereby increasing the market cap of cryptocurrencies by $100 billion again.

While many would have thought the Bitcoin price will sustain above $3,400 levels, that didn’t happen and one of the reasons behind it is believed to be a statement by Samson Mow, Chief Strategy Officer at Blockstream. Hours after the segwit locked-in, Mow announced: “Public Service Announcement: New York Agreement November #SegWit2x hard-fork has been cancelled.”

After the segwit locked-in Bitcoin price started declining and lost almost $200 from around $3,440 to a low of $3255. All this happened after Mow’s tweet. Blockstream is a for profit company that hires many Bitcoin Core developers. The New York agreement is similar to the Hong Kong agreement reached last year. Miners and businesses agreed to activate segwit and then three months later to hardfork increase bitcoin’s base block-size to 2MB.

Bitcoin price did manage to recover around $100 and it is now trading it $3,322.

Spoof orders on Bitcoin exchanges

According to a report by BitCrypto’ed there is enough evidence that spoof orders are on the rise and being exploited on largely unregulated Bitcoin and cryptocurrency markets. Spoof orders are those orders that aren’t meant to be executed and cancelled and are seen as a means to manipulate the prices of Bitcoin on exchanges.

BitCrypto’ed report provides provides plenty of evidence of market manipulation and they allege that the trade spoofing activity is primarily carried out on the Bitfinex exchange. Evidence point at the spoof orders being placed by either an individual or group, but certainly a coordinated entity with an unrivaled amount of money to influence the market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here