Bitcoin (BTC) Dips Again Under $7,000 on Rumors of Upbit Hack
BTC did not manage to keep the $7,200 level, once again sliding to a lower tier.
Bitcoin (BTC) went down again after a relief rally, sinking below the $7,000 mark. In the past day, BTC saw another battle of bulls and bears, with movements close to $7,200 and a fight between bulls and bears. Talks of an Upbit hack exacerbated the market fears, as BTC burrowed to $6,976.44.
BTC fell as volumes returned to around $19 billion’s equivalent in 24 hours. Once again, the sell-off also affected most altcoins. For now, Tether (USDT) activity exceeds BTC volumes, with $21 billion in the past day. During the Monday relief rally, BTC volumes got a boost from futures markets.
The recent news of anomalous withdrawals from Upbit, with talks of a hack, further worsened the market mood. A large-scale exchange hack reveals that even modern markets have not eliminated all risks.
The most recent slide under $7,000 happens as BTC lost activity and support, once again sparking the talks of a new bottom. BTC remains short-term bearish, with expectations of lows close to $6,000. During the last slide, BTC bounced off the $6,500 mark, but once again bearish pressures are testing the price.
The Bitcoin network still carries around 300,000 transactions per day. But now, price fluctuations depend on futures, as well as assets already kept on exchanges. More than 78% of all BTC activity is in the pairing with Tether (USDT) as the coin’s influence remains high.
The Bitcoin fear and greed index remains at 20 points, up from 17 points during the most recent sell-off on Monday. BTC is still within the extreme fear zone, with the potential for more panic.
Bakkt activity also grew during the past few days of volatility. The market operator saw volumes exceed 2,000 BTC per day, with the potential to break records again.
https://twitter.com/babygotbakkt/status/1199566340622868480
The most recent price slide also coincided with ahashrateanomaly. Mining suddenly dropped off a cliff, with the hashrate falling from a recent peak above 106 EH/s, down to 74 EH/s. The slide may be temporary, but remains worrying as it coincides with worsened BTC sentiment.