RATE Group | Price Drops 7% in an Hour After Bitcoin Sees a Ghost
88800
post-template-default,single,single-post,postid-88800,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Price Drops 7% in an Hour After Bitcoin Sees a Ghost

21 May Price Drops 7% in an Hour After Bitcoin Sees a Ghost

Posted at 01:40h in Bitcoin News by

Bitcoin was spooked by a ghost Wednesday, tumbling 7% in the span of an hour on reports a previously inactive address dating to the blockchain network’s earliest days had transferred more than $300,000 of the cryptocurrency. 

The scare brought a quick end to bitcoin’s four-day rally. Prices for the largest cryptocurrency by market value fell to around $9,500 as of 17:15 UTC (1:15 p.m. in New York) from $9,788 on Tuesday. Earlier Wednesday the rapid sell-off took bitcoin as low as $9,100.    

Wednesday’s tumble was most pronounced on Luxembourg-based exchange Bitstamp, where the price for 1 BTC lost 7% in one hour. 

The sudden drop came as crypto traders lit up Twitter after bitcoin blockchain data showed the address, inactive for 11 years, had moved up 50 BTC to different wallets, then another 9.99 BTC earlier in the day. The address’ owner is unknown at present but the coins were valued at around $379,200 at press time. 

The market pullback appeared to be exacerbated by the…

Source link

Tags:
, , , , , ,