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24 May 2020

Market Wrap: Bitcoin Rebounds to $9,500 After  Scary Sell-off - CoinDesk

Market Wrap: Bitcoin Rebounds to $9,500 After Scary Sell-off - CoinDesk


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Bitcoin suffered a quick sell-off on Wednesday after a previously dormant address moved some of the earliest-mined coins for the first time.

However, that activity was mostly from sellers after one of the oldest bitcoin addresses suddenly showed signs of life, moving up to 50 BTC around for the first time in 11 years.

This sell-off reminds traders to keep track of the oldest addresses in the bitcoin network, says Jose Llisterri, co-founder of crypto trading platform Interdax.

While the price of bitcoin was able to recover some from the dip, stakeholders such as Mostafa Al-Mashita, head of business development for digital asset management firm Secure Digital Markets, are concerned the crypto market may be heading lower.

Bitcoin’s mining difficulty adjusted on Tuesday, a 6% drop in the computational resources needed for machines on the network to produce new coins.

Since the halving, bitcoin’s total daily rewards has been reduced from roughly 1,800 down to 900 BTC.

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down less than a percent in 24 hour trading as of 20:05 UTC (4:05 p.m.

The biggest digital asset dips in 24-hour trading were tron (TRX) slipping 2.8%, monero (XMR) down 2.8% and ethereum classic (ETC) losing 2.6%

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Dark Web Crypto Use Has Grown Exponentially
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sentiment (-0.3) Negative

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