Bitcoin (BTC) Price Dips Again; Climb Back Above $8,000 Appears Tougher
Monday arrived with another cut to BTC prices, sending the leading asset closer to the $7,600 level.
Bitcoin (BTC) price started to appear shaky, as a late Sunday sell-off pushed the prices down toward the $7,600 range. With that drop, the $8,000 level seems harder to regain. Interestingly, the sell-off caused a rise in the share of Tether (USDT) trading to more than 73%, after it had fallen down to 65% during the price climb.
BTC traded at $7,743.20 as of 8:00 UTC on Monday, starting a tentative recovery, but still 10% down over the past week. BTC trading volumes also retreated to $17 billion’s equivalent in 24 hours, down from a recent peak of above $30 billion’s equivalent.
Most altcoins lost their positions based on BTC valuations, with the exception of Litecoin (LTC), which is on a rising rally ahead of the halving. LTC moved ahead to $117.07, one of the few leading coins appreciating during the latest sell-off. LTC is also picking up the pace in Satoshi prices, rising to 0.015 BTC.
The most recent drop in prices follows two events that may have shocked traders. Last week, the CLAMS (CLAM) market on Poloniex caused losses of more than $13 million’s equivalent, on a combination of low liquidity and risky margin trading positions.
Later, during the weekend, Binance caused some jitters after it closed for unexpected maintenance. The closing led to speculations about another hack, following a recent unauthorized withdrawal of 7,000 BTC. It turned out the exchange’s outage was due to a faulty hard drive which caused an emergency system shutdown. Trading, deposits, and withdrawals have been renewed.
The Bitcoin network remains extremely active when it comes to mining, recently setting a peak above 60 EH/s, later falling toward 51 EH/s. At the same time, the transaction count indicates the potential for lowered activity.
During the recent price climb above $9,000, the Bitcoin network carried more than 495,000 transactions per day, with a significant backlog as coins moved into exchanges. Now, with the new downward trend over the past couple of weeks, BTC activity has been lower. Transaction counts fell toward 300,000 transactions per day, and backlogs have been cleared. Now it remains to be seen if BTC prices consolidate in this range and make another attempt at crossing $8,000 or retreat towards the $7,000 level.
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