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26 November 2020

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

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


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

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. .

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

The market pullback appeared to be exacerbated by the liquidation of heavily leveraged positions on the Seychelles-based BitMEX exchange, where traders can use derivatives known as perpetual swaps to bet up to 100 times their money down.  

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