Crypto

How can Bitcoin's trading profile change in a night?

Despite Japan's interest in Bitcoin, Bitcoin trade in response to the Japanese Yen seems to be slowing. As is known, the price of Bitcoin does not depend on a single asset, but the price is affected by more than one factor. Over the past few days, it seems that Bitcoin has abandoned its usual risk profile in the environment where Japanese and US-based investors have set the pace.

Since the price of bitcoin has fallen below $ 9,000 for the first time and then below $ 8,500 as shown in the chart below, the components of the Bitcoin trade have changed as well. BTC's net week was up by 9 percent to 8.465.98 dollars.

 Bitcoin's trading profile

Among the Bitcoin fiat money pairs, the share of the Japanese Yen transaction is about 40 percent to 16 percent The fall was quite remarkable. US dollar volumes rose to 34 percent. But at the same time we see that the absolute numbers are also showing a decline.

Bitcoin's trading profile continues to change while Tethers continues to show

The most impressive change on the low-volume market is seen in Tethers (USDT) activity. Tokens with limited supplies have started to gain more and more influence over the markets. On some stock exchanges, the USDT served as a safe haven from price fluctuations, although it did not replace the actual price. For the Bitcoin deal, the share of the USDT trade surpassed 34 percent, signing a new record. At the same time, the USDT trade receives more than 16 percent of all crypto deals.

One of the reasons for the recent BTC decline is that Hype at the Consensus 2018 conference may cause some leading sales. Believing that the BTC would be sold during the conference, they found themselves in a realistic prophecy.

However, the decline in BTC prices started before last weekend. Trade volumes also fell below $ 7 billion in general within 24 hours. For now, it is unclear what caused the fluctuation, and some analysts speculate that BTC could trade for 7,500 dollars.

For now it is not known whether Bitcoin's current trading profile is just a luck or whether the market will keep its normal course. While some Bitcoin sales boost subcoins, Tethers continues to be the preferred value store.

Tethers also supports the Bitcoin Cash (BCH) price, which accounts for more than 29 percent of trading volumes.

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