Bitcoin began a colossal price reversal on September 12 (07:00 GMT) that finally culminated with the latest $2,972.01 weekly low, which ended up becoming the new monthly low as well. The massive 32% reduction, nominally totaling $1,407.49, was followed by a flurry of negative news coverage from mainstream and alternative media alike. The $4,979.9
From an $81 billion market cap on September 2, we managed to spill below the $50 billion on September 12. This was achieved during the combined $2,972.01 weekly/monthly low at 12:00 GMT.
LIVE SOON! BD #23: BTCC Will Suspend All Trading – #Bitcoin Market Cap Sheds $27 Billion ? https://t.co/biVafYOGju pic.twitter.com/841I0XxjKJ
— Block Digest (@blockdigest) September 14, 2017
Other crypto currencies were equally impacted by the massive flight to fiat, with bitcoin cash retracting by almost 50%, lightly touching below $300, before rebounding to almost $500. It is now trading above $400. Ethereum had a slightly smaller 36% downturn, securing a new $201.28 combined weekly and montly low in the process, the price is staying above $250 for now. Litecoin savored a more severe 51.4% drop that seemed to coincidently match up with the BCH downturn, percentage wise at least. Before the actual slide downward had begun, exactly 91 days have elapsed since litcoin’s market cap was below $2 billion, which was on June 16, right before the massive rally had commenced to the $95
This is 99% of Bitcoin traders pic.twitter.com/JFgNgrifXe
— TREVON JAMES (@TrevonJB) September 16, 2017
Unconfirmed transactions have stayed at acceptable thresholds, rarely flying over 5 digit values. Median confirmation times are declining as well; this is especially noticeable when adequate fees are applied or when sending from reputable sources. The bitcoin mining hash rate is moving upward in accordance with the ascending trend, while the mempool size appears to have bottomed out. This can be mainly attributed to the SegWit
-johoe: By default a transaction is kept in the mempool for two weeks. However usually every transaction is regula https://t.co/E773UKODuE
— Bitcoin Experts (@bitcoin_experts) September 6, 2017
The immense price correction has been mainly blamed on the interventions in China, with the notable BTC China closing it’s doors by the end of the month. Huobi and OKCoin will be following suit, by discontinuing their service a month afterwards, by the end of October.
China's Stricter Bitcoin Regulations Will Strengthen Hong Kong Market https://t.co/5t3FmrofFs
— SmallCapReporter ? (@MrSmallCap) September 16, 2017
These events seem like a logical continuation of the previous ICO bans in China, although the SEC has issued warnings and promised to crackdown strongly against similar practices.
Thai SEC Supports the Creation of Regulations for ICOs https://t.co/kZofH9zKpn pic.twitter.com/3xM29bXp6q
Thai SEC Supports the Creation of …
— ? Bitcoin Clouds (@BitcoinClouds) September 16, 2017
Jamie Dimon, Executive of JP Morgan, is famed for lambasting bitcoin prior to the dip. However, there is mounting evidence that the firm may have in fact, purchased a substantial amount of bitcoin derivatives on the actual day of the plunge. Even Goldman Sachs and Barclays were listed in the same source, as buyers of the same ETN’s in question.
2/ Don't forget about this recent article in BI.
Goldman Sachs is obviously in #Bitcoin as well.https://t.co/a9c0Qs8QEu pic.twitter.com/grfxGDfpRG— Master of Coinage (@MasterOfCoinage) September 16, 2017
Bitcoin started trading from the $2,972.01 weekly low on September 12 (GMT 07:00). The
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