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Saturday, October 1, 2022

Bitcoin dips under $60,000 — What’s pulling down the market?

The price of Bitcoin (BTC) dipped below $60,000 on April 18 after a strong rally during the past week in expectation of the Coinbase public listing on Nasdaq, reaching $50,091.

Along with it, the whole cryptocurrency market dropped an average of 20%:

  • Ethereum dropped from $2,395 to $1,946
  • Binance coin dropped from $530 to $428
  • Ripple dropped from $1,60 to $1,16
  • EGLD dropped from $217 to $125
  • Polkadot dropped from $44 to $32
btc price

Among that, we see massive moves on the markets making the Eth gas price going up parabolic, as we can see on the rewards block from the Etherium network.

From an average of 3,1-3,5 size mined block, it doubled to a 6-7 size mine block.

This means that for each block of transactions of 2 ETH, 6-7ETH is paid, the difference remaining over 2ETH being in the price of ETH gas.

Aside from that, we saw congestion on the Binance exchange platform, where multiple “Network request Fails” pop-up screen messages appeared during transactions.

Will the bears stop and let the market follow its path or we are witness to a massive correction this month?

Binance Vertical Ciornei

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