Bitcoin price retreats as 51% level reached, "insiders" sell

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices (BTC) fell sharply heading into a volatile weekend, during which they hit their lowest levels in two weeks.

BTC is trading at $559 on BTC-e, giving back half its gains from the preceding rally, which saw it rise from $450 to near $670 within two weeks.

On Friday, BTC dropped sharply, losing 11% in less than 12 hours. The drop was likely a result of traders panicking as they learned of Ghash reaching 51% of the Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term distribution.

Likely also weighing on the price was news of Peter Todd, a core Bitcoin developer, selling 50% of his stake. He publicized his actions so as to avoid "insider trading". Being intimately close with the the workings of Bitcoin, he grew concerned about "mining centralization."

Following the sharp drop, BTC recovered nearly all of its losses only to reverse course and set a fresh low of $545 twenty-four hours ago.

BTC is now knocking on a key support level of of $560, which had been the platform for the launch of the latest leg of its rally. A breach of this level may send traders to continue taking profits realized between $450 and $560. The original cause for the rally is still largely unknown. If traders are indeed unaware of any fundamental drivers responsible for the rise, they may be more likely to cash out quickly.

The optimism generated by its finally resurfacing above the 200-day moving average has been short-lived, lasting roughly 11 days. It had struggled to keep its head above this mark, straddling both sides of it for most of the 11-day period.

BTC has also continued its recent trend of making use of long periods of flat, quiet trading as a wind-up for its next big move.