Bitcoin (BTC) Breaks Below $11,000

Bitcoin (BTC) broke down again, despite signs of relative stability in the past few days.

Bitcoin (BTC) once again sent jitters across the markets, with another flash crash below the $11,000 mark. BTC was weakening in the past couple of days, breaking below the support of $11,500, and fell by more than $900 on Wednesday.

BTC trading volumes remain around $18 billion, with more than 69% carried by Tether (USDT) volumes. BTC also closely competes with USDT for the best-traded coin. USDT takes up 33.14% of all trading activity across markets, while BTC is a close second at 33.01%. BTC and USDT have continued to swap the leading positions after July 22, as the supply and activity of USDT increased significantly in the past quarter.

The price drop for BTC arrived after another extension to the review period for a decision on the proposed exchange-traded funds (ETF). While the markets no longer view the ETF as a central source of growh, the news added to the shift in sentiment. This time, the BTC weakness has not worked as a trigger for an altcoin season, as there is even less trust in smaller networks.

BTC trading is also constantly changing its profile, being distributed to innovative exchanges. There is no one market with premium prices or anomalies, and Asian trading still has the greatest weight.

BTC transactions remain at a relatively high level, above 850,000 total transactions including unspent returns. The network, however, is not congested, indicating that there is no rush to move BTC to and from exchanges.

BTC also remains at the lead of hacking, ransomware and dark net activity. A monitor recently noted a significant movement of coins, revealing the attempt to move and disguise the funds of the 2016 Bitfinex hack:

https://twitter.com/whale_alert/status/1160956181499830278

While BTC remains pseudonymous, there are ways to liquidate the coins and disguise their origins.