Bitcoin Collapse and the Crisis in the Financial Markets With Live Updates: Opinions, Estimates, Forecasts
On Friday (UTC time zone), March 13, Bitcoin’s price at some point fell to $3,800, having lost more than 50% of its value overnight. Ethereum’s price dropped below $100 for the first time since December 2018.
Read all about current market events and opinions in our live broadcast(most recent news at the top).
At 16:00 UTC, there were 50,000 unconfirmed transactions in the Bitcoin mempool, but in just half an hour their number dropped to zero. However, some services show values in the range of 70,000 – 80,000. Most likely, the Blockchain.com node had technical difficulties.
During yesterday’s collapse, the Ethereum network was heavily loaded with transactions. In an attempt to make transfers, users paid 5,112 ETH in fees in just one day.
Median fees spiked due to network congestion, as people rushed to make transactions amidst the market volatility pic.twitter.com/RWICIRRQh9
— CoinMetrics.io (@coinmetrics) March 13, 2020
Pearson’s 90-day correlation coefficient of daily BTC and S&P500 return hits all-time high. At the same time BTC-VIX “fear index” dropped to a historic low.
BTC-VIX correlation hits ATL. Not sure what to make of that.https://t.co/JJbex4ipCs
— nic carter (@nic__carter) March 13, 2020
A well-known trader and Bitcoin evangelist WhalePanda said that bearing in mind the events of the last 24 hours when the BitMEX derivatives exchange “very conveniently” went offline during trading peaks, he can no longer recommend it as a platform for trading.
After the last 24 hours I can no longer recommend to trade on @BitMEXdotcom. I’ve always traded there after that it became a good alternative for @okex.
Going offline very conveniently during peak trading times twice in 24 hours (1 “hardware issue” and 1 “DDOS attack”).— WhalePanda (@WhalePanda) March 13, 2020
16:00 UTC. Over the past few hours, the price of Bitcoin has again gone down, at some point dropping below $5,000 again. By this minute, Bitcoin is trading at around $5,200.
Charles Hoskinson announced the death of XX century’s world economic order.
