Bitcoin falls: what's the reason?

Average Bitcoin price reached $6800 mark; let's figure out, what's the background
10 November 2017   1170

Bitcoin Price

On 10th of November, at 9:24 UTC price of first cryptocurrency started to fall.

Bitcoin price chart
Bitcoin price chart

At the moment of press, Bitcoin is being traded for even less than $6800 at some exchanges, for example, Bitfinex, Kraken and HitBTC

Bitcoin price at different exchanges
Bitcoin price at different exchanges

Main market parameters of Bitcoin at the moment of press are:

  • Average price $6817.56 
  • Market cap $113,675,484,123 
  • 24h volume $3,855,700,000

Possible reasons

One of the possible reasons for such a rapid fall in the price of the first cryptocurrency may be that after the announcement of the developers of SegWit2x cancellation the "disappointed" part of traders transfer assets to other crypto currency or fiat money.

As for SegWit2x, although it is officially frozen, a number of recent events indicate that certain something is taking place behind the scenes, the consequences of which are likely to become known soon enough.

For example, almost unknown Bitcoin mining pool bitPico said that they will still try to implement hardfork. They also say that they have control over 30% of Bitcoin network hashrate. Still no solid proof on this statements.

Also a mysterious website bitcoin2x. org was discovered. It differs little from bitcoin.org. On its main page there is SegWit2x related statement. Also, the site's creators say that they will not allow six people to decide the fate of the bitcoin, and the previously assigned date of the hard-fork (November 15) remains in force.

We have decided to continue with the fork as planned. We will not allow the destiny of Bitcoin to be controlled by 6 individuals.

Same date - November 15th.

Bitcoin2x is a secure payment network with cheaper and faster transactions
 

Bitcoin2x Team Statement

Who is behind this resource, is still unknown, also draws attention that the link to Developer Documentation leads to a non-existent page.

This price fall looks interesting on the background of Bitcoin Cash price jump

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   91

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.