Bitcoin sheds more than 3%, falls of $10,000 mark

2019-09-09 11:34:03 GMT (

Bitcoin fell by more than 3% in spot trading today, for the second consecutive day, giving up the $10,000 barrier, on increased sell-off after a mysterious transaction of Bitcoins worth $1 billion to an unknown wallet, while the continued improved fundamentals of the Blockchain network curbed the losses, and retail rate rose to a new record near 100 million.


At Bitstamp, Bitcoin fell by $327 or 3.1%, to $10,060, from the opening of $10,387, with a high of $10,428.


Yesterday, Bitcoin shed 0.8%, on profit taking from 2-week high of $10,949.


During last week, Bitcoin rose by 6.5%, to notch its first weekly gain in a month, while its lead over the market's trading rose to the highest level in two and a half years.


Bitcoin drew support from the positive news about the near official launch of Bakkt platform, as it seeks providing confidence, which most crypto platforms lack, especially when it comes to institutional investors.


The total market cap of cryptocurrencies fell by $6 billion today, to $271 billion, with most of the major cryptos falling led by Bitcoin.


An Bitcoin owner transferred 94,504 Bitcoins (nearly $1 billion) from Huobi platform to an unknown wallet, in a transaction that raised market's uncertainty as the owner paid more than 20 times the normal fees to complete the transaction.


Some speculations suggested that the recipient's portfolio may now be the largest in terms of not linking to a particular digital platform, while the withdrawal may be an investment in the Bakkt platform.


Otherwise, the fundamentals of the Blockchain network are better than ever. the retail rate has reached its highest level ever at more than 94 million, approaching the 100 million barrier.


The continued rise in the retail rate is mainly due to lower Bitcoin transaction fees compared to 2017, thanks to recent technical updates and expansions.


US Fed Chair, Jerome Powell, said that the US central bank is not working on a special cryptocurrency, adding that security and data protection issues are likely to deter central banks from launching their own cryptocurrency.


Whilst, there are reports that China may launch its cryptocurrency as early as November. If the currency succeeds, other central banks will be forced to launch their own cryptocurrencies to keep pace with global competition.


ECB legal officer Yves Mersch said that he sincerely hopes that the people of Europe will not be tempted to abandon the safety of traditional payment solutions and well-established financial channels in favor of the failed and false promises of Facebook's cryptocurrency.

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