Categories: Bitcoin Entertainment

Bitcoin Price Crashes Through $250 Mark

Click here to view original web page at
The bitcoin price has plunged below $250 and appears to be falling further, as sell orders pile up at major exchanges.

The price opened the day at $267.08, but quickly fell after just two hours of trading. Soon after 3am (GMT), the price plunged through the $250 mark, which market watchers see as an important psychological barrier for the price.

The price held steady, but then plunged again about seven hours later, at around 10am. The price then fell about $14 to fall under the $230 mark, according to the CoinDesk Bitcoin Price Index. At press time, it stood at $226.

Market-watchers have previously warned that if the price falls below $250, then further losses could be in the offing.

Arthur Hayes of derivatives firm BitMEX, writing in his weekly trading newsletter yesterday, offered that $200 was the next resistance level after $250.

"If you were hoping for a violent rebound, that hasn't happened and it is time to move net-short [BTC]," Hayes wrote.

Bitfinex market depth at 10:35am. Source:

Order books showing large sell orders

Order books at the major USD/BTC exchanges today are showing a spike in volume, largely from sell orders.

Bitfinex, the largest USD exchange by trading volume, shows sells dominating the order book, comprising 70% of total volume over the past hour, at 10:55am. Sell orders have comprised 64% of the Bitfinex order book over the last 24 hours.

Short swaps on Bitfinex have also spiked several times today, hitting a high of 70.5% of the active hourly swaps at around 2am. Current hourly swap activity is in favour of longs, which account for 74% of the instrument.

At recently revived Bitstamp, which had been offline for four days following a security breach and theft of $5m, selling pressure is piling up. The depth chart it offers shows a sharp increase in the quantity of sell orders of around 1,000 coins around the $244 mark. Hundreds of coins are joining the queue at current prices of around $231.

OKCoin, usually behind Bitfinex and Bitstamp in the amount of bitcoin-dollar trade done, is reporting consistent selling pressure. The price fell about $4 over 45 minutes, with 1,556 coins changing hands from 10am.

Bitstamp market depth at 10:36am. Source: Bitstamp

As bitcoin investors on the US east coast start their day to a sea of red candlesticks and a price that has lost more than $30 overnight, a further cascade of selling pressure may hit exchange order books.

Miners pull the plug

The plummeting price of bitcoin has had ripple effects throughout the bitcoin economy. While traders may be scrambling to top-up their margin accounts or to pile on the short swaps, some miners are apparently beginning to find their positions untenable as well.

Cloud mining outfit, for one, said it would temporarily suspend mining because the price had fallen too low. Mining difficulty, meanwhile, has plateaued and dipped over the past 30 days, but remains at an all-time high.

"[This is] the result of cloud mining costs exceeding mining profit," chief information officer Jeffrey Smith wrote in a blog post announcing the suspension yesterday.

So how far more does the bitcoin price have to drop? As yesterday's Markets Weekly noted, several observers think it could go well below $200, after it has plunged past $250.

Martin Tillier of the Nasdaq's trading blog believes bitcoin's fair value lies somewhere in the $140 region, at a slight premium to the level it was trading at, around $120, before the bull-run in the autumn of 2013.

Meanwhile, bitcoin believers looking at a bitcoin price apparently in free-fall, might be left to reassure themselves that it's the underlying technology, not just the currency price, that matters most.

The price held steady, but then plunged again about seven hours later, at around 10am. The […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

43 mins ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

2 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

2 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

2 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

2 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More