Home Bitcoin News Bitcoin Price Plummeted to $51,000 on Bitstamp

Bitcoin Price Plummeted to $51,000 on Bitstamp

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Crypto News


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The price of bitcoin continued to rise this Monday and exceeded the level of $57,000 for the first time since May.

Shortly before that, on the Bitstamp exchange, bitcoin fell by 8% to $51,000 within a minute candle. The drop was caused by the sale of a cryptocurrency worth $40 million at the market price. There were no movements of similar scale on other exchanges at the same time.

Bitcoin Price Plummeted to 51000 on Bitstamp

Last week, on Wednesday, a new record was recorded in the bitcoin network for the dollar amount of transactions in 24 hours – it amounted to $ 31 billion. Compared to the beginning of 2020, the indicator has increased 40 times. At the same time, the commissions remain moderate and are kept below $5.

Altcoins continue to lag behind bitcoin and in most cases decline both on a daily and weekly basis. The capitalization of the crypto market increased to $ 2.35 trillion by half a percent per day, while bitcoin itself added 2.5%. At the time of publication, the first cryptocurrency is trading 12% below the absolute maximum registered on April 14 at $64,863.

The analytical service Glassnode draws attention to the fact that open interest in perpetual contracts for bitcoin exchange Binance has reached a monthly high above $ 4 billion, and Bitfinex – a five-month high.

Bitcoin Price Plummeted to 51000 on Bitstamp

At the same time, funding rates on most major exchanges remain at neutral values of about 0.01%. In other words, traders do not show certain expectations about where the market may go next.

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