I've been buying some last couple of weeks, anticipating the price to rebound, but it hasn't
on July 28, a BTC was almost 294 USD
a BTC is now all the way down to 257
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A tweet by the company at 03:22 this morning read: "The selling that occurred during the dump were legitimate sell orders and positions being margin called. Lenders were not affected."
Alongside a regular buy/sell orderbook, Bitfinex offers margin trading, meaning users can borrow funds from the platform's lenders – known as 'peer liquidity providers' – at a rate of interest to trade bitcoin. These users place 'long' or 'short' bets on whether bitcoin's price will rise or fall.
When the price shifts suddenly, as it did yesterday, 'long' users who have borrowed funds may see their account equity drop to zero – at which point Bitfinex will automatically liquidate their positions. This can exacerbate price movement, as these positions add to sell-side pressure on an already crashing market.
trading at about 230
do you guys think it will go back up? I'm shocked it dropped this much
A lot can happen from now until January 1st. Bitcoin XT is suppose to be an improvement to bitcoin. In order for this to take place the bitcoin community, exchanges, wallets and miners have to be in agreement.
Bitcoin is decentralized but redefining bitcoin takes away from bitcoin being decentralized. This type of news leads to market manipulation.
The price of bitcoin fell below $200 today for the first time since 18th January.
The plunge saw an average low of $198.23, according to the CoinDesk Bitcoin Price Index (BPI), with the largest decline taking place on BTC-e, which saw a low of $192.
The price has since recovered from those lows to roughly $203 at press time, though prices in some markets, including BTC-e, remain below $200.
According to data from the CoinDesk BPI, the $198 figure is the lowest average price low in the last six months, excluding instances of single-day volatility on individual bitcoin exchanges.
The sell-off notably coincided with further market turmoil in China. Reports indicate that the Shanghai Composite Index is falling once more after a historic 9% plunge earlier this week.
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