Bitcoin dropped suddenly by 5% – dragging ripple (XRP) and Ethereum prices with it

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Bitcoin, which has remained remarkably stable for several months, has suddenly lost more than 5% of its value, causing the collapse of other large cryptocurrencies, including ripple (XRP), ethereum, stellar, litecoin, EOS and bitcoin money. with it.

At the beginning of this month the price of bitcoin has touched a low volatility of 17 months, but that period of calm seems to be over, with the price of the bitcoin that has swept away billions of dollars from its market capitalization in a few minutes , according to the CoinDesk data.

Shortly after the first peak of the bitcoin price, he recovered a little, recovering some of the lost ground. Bitcoin had previously traded at around $ 6,500 – where it has been in the last two months. It fell briefly to $ 6,125, but then returned to around $ 6,200.

The recent falling price of Bitcoin (down from the highs of nearly 20,000 at the end of last year) has been reduced to a decline in trading volume from its peak to the end of 2017 – something that has affected cryptocurrency trading throughout the year. world, pushing some companies to cut costs and lay off staff.

Short and sharp changes in the price of bitcoins are often attributed to trading bots that initiate a buy or sell order that is picked up by others, causing a domino effect on price, or from so-called whales (big holders of a cryptocurrency or a 39; another resource) buying or selling a fairly large piece below or above the current market rate.

This causes the asset market rate to move suddenly in the direction of sale, often causing chaos for exchange operators.

However, a study previously found the bitcoin whales today& nbsp; often it is not responsible for the bitcoin price volatility. Chainalysis, Blockchain research company he discovered that bitcoin whales are "a heterogeneous group, and only about a third of them are active traders, and while these commercial whales have certainly the ability to execute transactions large enough to move the market, they have, net, traded against the herd, buying prices declined. "

Chainalysis "examined the 32 largest bitcoin portfolios, which represent approximately 1 million bitcoins, or about $ 6.3 billion, for the study.

Meanwhile, many investors are waiting for both regulators and the consolidated financial services industry to show off their cryptocurrencies before deciding whether to cash out or double down their investments.

The US Securities and Exchange Commission (SEC) is still considering whether to grant approval to a proposed fund of closely traded bitcoin exchanges, that could open the bitcoin investment market to a new fresh capital raft.

Many are still confident that the SEC will approve a bitcoin ETF and do not see the launch of a bitcoin and cryptocurrency platform called & nbsp;Bakkt, in November& nbsp; – created by ICE of the New York Stock Exchange (NYSE) in collaboration with the Starbucks coffee chain, the software giant Microsoft and the Boston Consulting Group.

Meanwhile, global regulators are grappling with the best way to limit the bitcoins and cryptocurrencies used for illicit activities and to protect retail investors from potentially high losses while at the same time fueling the emerging industries of bitcoin, blockchain and cryptocurrency.

Previously, the Global Financial Stability Board (FSB) said that cryptocurrencies like bitcoin do not pose a threat to financial stability but recommend further monitoring and consumer protection.

"Based on the information available, crypto-assets do not pose a material risk to global financial stability at this time, but vigilant monitoring is needed in light of the speed of market developments," the FSB said in a declaration.

The FSB council arrives later The International Monetary Fund (IMF) warned yesterday the "rapid growth" of bitcoin and cryptocurrency resources could create "new vulnerabilities in the international financial system," while world banks are adapting to the recent bitcoin and blockchain boom.

Earlier this week, EU regulators said custom rules for bitcoins and cryptocurrencies might be needed, as warnings to investors did not have a significant effect on the high risks associated with resources. cryptographic.

Among the top ten major cryptocurrencies, bitcoin cash, ripple (XRP) and stellar were the most heavily sold during the recent route at the time of publication.

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Bitcoin, which has remained remarkably stable for several months, has suddenly lost more than 5% of its value, causing the collapse of other major cryptocurrencies, including ripple (XRP), ethereum, stellar, litecoin, EOS and bitcoin. it.

At the beginning of this month the price of bitcoin has touched a low volatility of 17 months, but that period of calm seems to be over, with the price of the bitcoin that has swept billions of dollars from its market capitalization in a few minutes, according to the CoinDesk data.

Shortly after the first peak of the bitcoin price, he recovered a little, recovering some of the lost ground. Bitcoin had previously traded at around $ 6,500 – where it has been in the last two months. It fell briefly to $ 6,125, but then returned to around $ 6,200.

Bitcoin's recent drop-out price (down from the highs of nearly 20,000 at the end of last year) has been reduced to a decline in trade volume from its peak to the end of 2017 – something that has affected cryptocurrency trading throughout the year. world, pushing some companies to reduce costs and lay off staff.

Brief and abrupt changes in the price of bitcoins are often attributed to trading bots that begin a buy or sell order that is then collected by others, causing a domino effect on price, or from so-called whales (large holders of a cryptocurrency or a Another resource) buying or selling a fairly large piece below or above the current market rate.

This causes the asset market rate to move suddenly in the direction of sale, often causing chaos for exchange operators.

However, a study previously found the bitcoin whales today often it is not responsible for the bitcoin price volatility. Chainalysis, a blockchain research company, has discovered that bitcoin whales are "a heterogeneous group and only about a third of them are active traders, and while these commercial whales have certainly the ability to execute transactions large enough to move the market, they have , net, traded against the herd, buying prices declined. "

Chainalysis examined the 32 largest bitcoin portfolios, which account for about 1 million bitcoins, or about $ 6.3 billion, for the study.

Meanwhile, many investors are waiting for both the regulators and the financial services industry to show their hands of cryptocurrency before deciding whether to cash out or double their investments.

The US Securities and Exchange Commission (SEC) is still considering whether to grant approval to a carefully-funded proposal for funds on bitcoin money markets, which could open the bitcoin investment market to a new raft of new capital.

Many are still confident that the SEC will approve a bitcoin ETF and do not see the launch of a bitcoin and cryptocurrency platform called Bakkt, in November – created by ICE of the New York Stock Exchange (NYSE) in collaboration with the Starbucks coffee chain, the Microsoft software giant and the Boston Consulting Group.

Meanwhile, global regulators are grappling with the best way to limit the bitcoins and cryptocurrencies used for illicit activities and to protect retail investors from potentially high losses while at the same time fueling the emerging industries of bitcoin, blockchain and cryptocurrency.

Today, the Global Financial Stability Board (FSB) has said that cryptocurrencies like bitcoin do not pose a threat to financial stability but recommend further monitoring and protection of consumers.

"Based on the information available, crypto-assets do not pose a material risk to global financial stability at this time, but vigilant monitoring is necessary in light of the speed of market developments," the FSB said in a statement. Note.

The opinion of the FSB comes after the International Monetary Fund (IMF) warned yesterday that the "rapid growth" of bitcoin and cryptocurrency assets could create "new vulnerabilities in the international financial system", while world banks are adapting to the recent blockcoin boom and bitcoin.

Earlier this week, EU regulators said custom rules for bitcoins and cryptocurrencies might be needed because warnings to investors about the high risks associated with cryptographic resources did not have a significant effect.

Among the top ten major cryptocurrencies, bitcoin cash, ripple (XRP) and stellar were the most heavily sold during the recent route at the time of publication.