By Bentley Kapoor (India)
Like in the past, Bitcoin’s market performance is still directionless. However, the legendary cryptocurrency got traded for considerable high value at several spot exchanges. On the platform of Coinbase alone, Bitcoin was traded for approximately $10,932. However, the increase in value could not hold it for long and quickly went low as $10,427 in two hours.
After facing low, later on Bitcoin again managed to see a high in its value and traded on for $10,582.
The reason for the decline in Bitcoin’s value then attributed to the derivative exchange, BitMEX. Very recently a lawsuit has been filed against the exchange by US regulations. In the suit US Regulators have alleged that the exchange was found trading in non-registered securities.
Denis Vinokourov of Bequant also commented that due to the lawsuit being filed against BitMEX resulted in increased selling pressure. This entailed another comment coming out from Vishal Shah of the research head of Alpha5. Shah said that due to the gradual decrease in BitMEX’s influence Bitcoin was dumped for $3,854 on several spot exchanges.
Also read:The decline of influence is because BitMEX’s broader ecosystem is not the same as it was few years back, said Vinokourov. Many spot exchanges which were though were nowhere near BitMEX but today getting momentum by catching liquidity.
Bitcoin seems to be struggling to go near and above US$11,000 yet still did not make it. Some are saying that it might go up once the much anticipated US Presidential Elections are over.
On the other hand, Bitcoin’s traditional rival Ethereum has been in the limelight for days. In events taking place recently, Ethereum miners are getting their pockets filled with huge sums of monies. They are receiving huge profits in the shape of fees charged from the investors/users.
It is reported that Ethereum Miners have made 6 times more fee than what Bitcoin miners have earned in September. Statistics show that the fees charged by Ethereum is all time high which is estimated to go over US$ 166 million. Ethereum is beating its traditional rival by at least US$ 26 million in terms of fees.
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