The price of Bitcoin dropped more than $ 1,100 in less than two hours during the daily trading on the digital platform "Bitfinex." Where the low price began on Tuesday morning to reach below $ 19,000 just before midnight. The drop continued throughout the morning, and then by 5:30 pm the Betcairn was trading at $ 18,401. The price also dropped by $ 300 in the next hour from $ 18,144 to $ 17,255 in just 7 minutes. Since then, the price of Bitcoin has recovered to $ 17,560 on the "Bitfinex" platform, nearly $ 500 less than its $ 17,978 Bitstamp platform and the $ 18,057 GDAX .
Analysis
The reason behind the low price of Bitcoin on Bitfinex trading platform is not clear, but there are many potential factors. Where at least one analyst credited the sale to breaking news that South Korea's Youbit trading platform had been breached and that the parent company would be bankrupt. However, the Youbit platform plays a limited role in the South Korean market, so closing it should not have a significant impact on Bitquin's price on the Bitfinex platform. Moreover, the Pitcairn continued to trade near $ 20,000 on the huge Bithumb trading platform, suggesting that Korean traders are not too worried about the breakout.
On the other hand, a more likely scenario is that the retreat of the Betcquin early in the week evoked wealthy, weak-headed investors who were determined to profit after the significant market rally of the previous period coinciding with the launch of CME Futures. The global price of the Bettkin has fallen by about $ 2,000 since the futures contract was launched on Sunday afternoon, causing traders to worry that the Betcquin will falter in the new year. In addition, the sale can be linked to traders trying to rebalance capital by supporting stronger positions in alternative currency markets. For example, the currency of the ethereum, the Bitcoin Cash, and the EOS recorded a very strong performance at the beginning of the week, and all the first-rate alternative currency companies made good gains against the dollar.
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Long holidays promise high volatility risks and besides, people want just to cash out to spend some money on these days in the end of the year.