Prices of Bitcoin dropped below $13,000 for the first time since the launch of the CBOE futures contract.
The price of Bitcoin is dropping below $13,000 in Europe this early morning as Asian traders are running for the exits. Over the past 24 hours, BTC dropped over 23 percent and is now over 33 percent lower than the top marked at the beginning of the week.
For an asset that asserts to be a store of value, this is worrying, to say the least. But there might be a good reason behind the latest drop in prices. Transaction costs surpassed $33 this week and there is no good explanation for that except... it's almost Christmas!
With the growing popularity of bitcoin, you might have thought that it's a good idea to share some wealth with your loved ones. After all, this is why Bitcoin was invented, to give control of the financial system back to the people. Since not everyone has access to Bitcoin or knows about it, you might have taken the initiative and decided to share the goodies with your family, friends, and partners.
Transaction Costs Hurting the Network
Jokes aside, the slump in Bitcoin prices has completely irradiated the rest of the cryptocurrency world. Ripple was the last holdout as it briefly surpassed Bitcoin Cash’s market cap until minutes ago when it turned into the red, aligning with the broad market trend.
Christmas or not, the number of unconfirmed transactions on the Bitcoin network now stands above 285,000. The figure stabilized somewhat after surpassing the 280,000 mark, but there is no telling how far this figure can go if panic selling ensues (or if you prefer, continues).
The figure has been way higher in the past, however, the average price per transaction at the time wasn't remotely close to $33.
On that note, I don’t know what panic selling is in terms of Cryptocurrencies. Most of the people I know that are trading are excited that this is a big buying opportunity, and they might be right. But this is not how financial bubbles work, typically... and I know... here is where some of you will say "this is not a bubble."
The low print on Bitstamp is $12,560, but prices have rebounded to above $13,700 as of writing. In any case, the chart is starting to look more and more like the worrying one we outlined at the beginning of the week:
The news that Goldman Sachs is mulling the opening of a cryptocurrency trading desk might have spooked investors. (As it probably should.)
The price of Bitcoin is dropping below $13,000 in Europe this early morning as Asian traders are running for the exits. Over the past 24 hours, BTC dropped over 23 percent and is now over 33 percent lower than the top marked at the beginning of the week.
For an asset that asserts to be a store of value, this is worrying, to say the least. But there might be a good reason behind the latest drop in prices. Transaction costs surpassed $33 this week and there is no good explanation for that except... it's almost Christmas!
With the growing popularity of bitcoin, you might have thought that it's a good idea to share some wealth with your loved ones. After all, this is why Bitcoin was invented, to give control of the financial system back to the people. Since not everyone has access to Bitcoin or knows about it, you might have taken the initiative and decided to share the goodies with your family, friends, and partners.
Transaction Costs Hurting the Network
Jokes aside, the slump in Bitcoin prices has completely irradiated the rest of the cryptocurrency world. Ripple was the last holdout as it briefly surpassed Bitcoin Cash’s market cap until minutes ago when it turned into the red, aligning with the broad market trend.
Christmas or not, the number of unconfirmed transactions on the Bitcoin network now stands above 285,000. The figure stabilized somewhat after surpassing the 280,000 mark, but there is no telling how far this figure can go if panic selling ensues (or if you prefer, continues).
The figure has been way higher in the past, however, the average price per transaction at the time wasn't remotely close to $33.
On that note, I don’t know what panic selling is in terms of Cryptocurrencies. Most of the people I know that are trading are excited that this is a big buying opportunity, and they might be right. But this is not how financial bubbles work, typically... and I know... here is where some of you will say "this is not a bubble."
The low print on Bitstamp is $12,560, but prices have rebounded to above $13,700 as of writing. In any case, the chart is starting to look more and more like the worrying one we outlined at the beginning of the week:
The news that Goldman Sachs is mulling the opening of a cryptocurrency trading desk might have spooked investors. (As it probably should.)
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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