The large decline in bitcoin earlier this month and did not come from so-called bitcoin whales who have the price adjusted. These are the conclusions of the researchers are of the Coin Metrics.
The price has now been fixed, but it’s always interesting to look at the possible causes of the decline.
Also read: Bitcoin (BTC) analysis: bringing in the ‘good to go’ bitcoin to a total of $11,000 is?
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Bitcoin falls
Usually, in the substantial declines in the price of bitcoin pointed to two possible ‘culprits’: the rich bitcoiners who are in the market could easily affect the derivatives trading. The futures market gives traders the ability to trade BTC to get working, without having to buy it.
The two suspects go in for the latest big drop off scot-free. We can conclude from the numbers of Coin Metrics.
Coinbase
In the first transaction, that is the decrease of proceedings were taken on Coinbase. 19:54 central european time on the 28th of August it went up to 72 bitcoin of the digital counter. That was done at a cost of $740,000 was in question.
This could be the beginning of a trip back to a price of around $9.500. The trades are noteworthy, but there seems to be no question of manipulation. A possible explanation for the decreases, then handelsalgoritmes.
The software would be to sell it on Coinbase can be seen as a sell signal. It might just be the first stone that falls down, then the other will follow.
The influence of the Coinbase
A decrease in the Coinbase also has an effect on other stock markets. Where derivatenhandelaren in this case,’ get off scot-free, the world’s two largest platforms, have a link to Coinbase. The CME CF, Bitcoin Reference Rate and the consumer price index from BitMEX to make use of, the prices for the major U.s. stock markets.
When the traders, therefore, are looking for Coinbase for trading strategies, it is possible that a decrease (or increase) causes a knock-on effect.
Fall
In a largely unregulated market, it is possible, in regards to the manipulation of the market. There have been in the ecosystem for a number of parties who have a direct influence on the price of the day. Consider, for example, a large cryptobeurzen and early bitcoiners, with addresses in full with BTC.
However, the decline in the beginning of August, so this time it’s not due to evil influences, according to the Nl Metric. It seems to be a knock-on effect on a relatively small-scale sales.
Source: Bitcoinist
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