Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High

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et Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High

Bitcoin is looking bearish while Ethereum miners are reaping more fee revenue than ever before.

  • Bitcoin (BTC) trading around $11,298 as of 20:00 UTC (4 p.m. ET). Slipping 3.8% over the previous 24 hours.

  • Bitcoin’s 24-hour range: $11,102-$11,786.

  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Read More: ‘Bitcoin Rich List’ Reaches All-Time High

Bitcoin’s price declined to as low as $11,102 on spot exchanges such as Coinbase Tuesday, wiping out long derivatives traders on BitMEX. In just one hour, up to $5.6 million in leveraged positions were automatically liquidated, the crypto analog to a margin call. 

Daniel Ladinsky, trader at quantitative trading firm Efficient Frontier, worries that if price stays beneath $12,000 per one BTC for too long it may signal a larger downward trend. “BTC has been hovering below $12,000 for quite some time, which is a crucial zone,” Ladinsky told CoinDesk.

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Comments

Yeah bitcoin is having that high value at this time,but also have that high gas fee for transaction, Eth will be one of the top crypto but it depends on the market, Do you think bch can be as high as bitcoin in follwing years?

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4 years ago

Its possible, but it depends on the demand of people using bitcoincash right. But i hope that it will happened

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4 years ago

Hoping also, bch was so smooth in transactions now

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4 years ago

There are a lot of app/site that really gives free bitcoincash.

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4 years ago

Malaki laki pala ang rewards pg about crypto articles na ang gagawin mo.. Aware kba dto friend? Keep posting

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4 years ago

Medyo, madalas kapag about sa cryptocurrency ang topic mas napapansin ata ng ibang creator

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4 years ago

Oic. One of this day gagawa me about crypto. Thanks friend.

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4 years ago

Try it. Baka swertihin makajackpot

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4 years ago