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Updated: Bitcoin (BTC) Price Dump Explained. Here's What Happened

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Sun, 01/19/2020 - 14:01
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  • Bitcoin (BTC) price dips below $8550 losing 5,6% in three minutes. Why did it happen? Could someone predict this crash? And will the price of crypto king recover soon?

Cover image via 123rf.com
Contents

Update: The price of Bitcoin (BTC) is currently changing hands at $8,631, CoinStats data shows. The leading cryptocurrency has barely budged since its precipitous drop that was recorded earlier today, which means that more volatility could be in store for traders.           

Today we have seen the first volatility spike of Bitcoin (BTC) price within the extremely bullish market of early 2020. It had been predicted. Moreover, now it is explained. 

Massive liquidation

Recently, Deribit futures & options exchange revealed the market manipulation that caused today's rapid price decrease. It occurred at 11:00 AM (UTC) exactly.

$100M liquidated on Deribit exchange in 10 minutes
Image by: https://twitter.com/DeribitExchange/status/1218866820557484033

 Someone shorted an enormous sum of $101M in Bitcoin (BTC) perpetual contracts (BTCUSD) between 11:00 and 11:10. That's how the market responded:

BTC loses 5,7% in 10 minutes as Deibit whale liquidated $100M
Image by: https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP

Thus, the most stunning bearish spike of this January is caused by the market dump of some Deribit whales.

Was the bubble predicted?

So called 'CME gap' or the bubble on the BTCUSD futures market had been mentioned by Dutch analyst Michael van de Poppe two hours before the dramatic liquidation.

Dutch analyst predicted market liquidation this morning
Image by: https://twitter.com/CryptoMichNL/status/1218816533805326336

It looks like his second prediction is also playing out as Bitcoin (BTC) is trading at almost $8600 at printing time. By the way, both scenarios by Mr. van de Poppe are optimistic. As a result, we shouldn't brace ourselves for further Bitcoin (BTC) price dumps.

Did you manage to 'short' BTC in $9000+ zone? Tease us with your successes in Comments!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Sun, 03/29/2020 - 19:38
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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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