3 reasons for the „pre-halving drop“ in Bitcoin’s price from USD 10,000 to USD 8,100

The price of Bitcoin (BTC) fell from USD 10,000 to USD 8,100 in just over a day, while dropping 9% in a single hour. It liquidated $200 million worth of long positions, destroying the futures market.

The three key reasons that triggered the huge Bitcoin correction were: a strong multi-year resistance area above USD 10,000, whales moving to short the BitMEX market, and extreme pre-halving volatility.

USD 10,200 to USD 10,500 is a strong multi-year area of resistance for Bitcoin

From mid-2018, the range of USD 10,200 to USD 10,500 served as a historically strong resistance area for the best rated cryptomone currency by market capitalization.

After its first rise above USD 10,500 in June 2019, which led to a rapid rebound to USD 14,000, Bitcoin failed to move above that level five out of six times in the last two years.

Bitcoin’s price rebound stops at $10,000, but those who buy on falls should look at these levels
Bitcoin rejects $10,000 ahead of halving

When the Bitcoin price initially broke at USD 10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a sharp correction.

When the whales began selling at USD 9,900, this led to a cascade of long position contract settlements mainly at BitMEX and Binance Futures. In one hour, more than USD 200 million in long positions were liquidated.

The whales moved quickly to sell BTC at the rejection point

Almost as soon as the rejection of $10,200 was confirmed, the whales began ferociously shortening Bitcoin at the major cryptomone exchanges.

Open interest in the four major derivatives exchanges including Binance Futures, BitMEX, Deribit and OKEx plummeted. The term open interest refers to the total number of contracts in long and short positions that are open at any given time.

Bitcoin halving will make miners no longer the biggest sellers at BTC
Open interest of BitMEX Bitcoin futures contract

The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to become trapped in their positions.

The funding rate at Bybit, Binance Futures and turkish lawmaker proposes national cryptocurrency, jump some 500 percent, accelerate bank runs, visa, mastercard, paypal and coinbase, crypto mining facility, $1 billion token sale, use visa and mastercard, $30m funding round, a proponent of mimblewimble, the swift trial remained at about -0.05%. A negative funding rate when the BTC price drops means that the overwhelming majority of the market has short contracts, waiting for BTC to fall even further.

In other words, many traders, especially wholesalers, who bet against BTC at a critical point of reversal of a long-term trend triggered a sharp drop in a short period of time.

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This is the staff of the German blockchain scene

Bear market and price losses at Bitcoin & Co. set aside: The blockchain ecosystem continues to grow. That can hardly be denied. Blockchain jobs in particular are currently in demand. In our BTC-ECHO study we examined the scene: Who earns how much where? What opportunities do young start-ups have to make money and how much can they own in total? And: How are the people who work in the German blockchain scene divided up, how are blockchain start-ups staffed?

In cooperation with BlockState, BTC-ECHO evaluated the data of over 100 companies from the German Blockchain landscape. We asked for financing models, turnover generation and location of the companies. The main findings were not surprising: With 89 companies, Berlin is by far the blockchain capital, most of them dealing with financial technologies and crypto currencies. But how is the staff made up?

Bitcoin secret start-ups: air upwards

In fact, most Bitcoin secret start-ups (in contrast to sales) are comparatively small. Here is the review by onlinebetrug. More than half of all companies reported employing 0-9 people, excluding freelancers. A slightly smaller, but still relatively large proportion of the companies surveyed are in the next larger segment: a total of 30 percent of the companies surveyed employ 10-19 people. The upper end of the scale then becomes increasingly thin: only seven percent of the German blockchain scene still employs 20-29 people. Only one start-up plays a part in the top class of the interviewees and stated that it employs 90-100 people.

The lion’s share in the cryptosoft development sector

Even though ICOs in particular are often said to do a lot of cryptosoft marketing without attaching great importance to technology: https://www.forexaktuell.com/en/cryptosoft-scam/Our results speak a different language. On average, 40 percent of our staff work in the field of software development. Second and third places are close together: 22 percent go to management and 21 percent of the staff work in the area of analysis and research.

If you want to learn more about the German blockchain culture, you can do so on our official study page.

By the way: Although there are sometimes very few people working in the start-ups, the record in the funding amounts is 100 million euros. Blockchain developers in particular are in great demand here. If you have an itch in your fingers, check out our job exchange.

We are also constantly on the lookout for new employees. Here you can find the job offers of BTC-ECHO.