Bitcoin price ended the weekend scraping above $56.300, altcoins still have not had a positive status
Bitcoin price at one point dropped 8% to $51,011 in a single one-minute candle at 10:35 p.m. UTC on the Bitstamp exchange. It then quickly regained the $55,000 level within seconds. At the time of writing, BTC is changing hands at $56,390.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price went on to surge to a multi-month high of $56,800 after a flash crash on Bitstamp
This strange trading activity, caused by a $40 million sell market order, takes place only on Bitstamp. Other significant exchanges remain unaffected by these dramatic price moves. Volatile events aren’t exactly rare on crypto exchanges, and they can be much more extreme.
Bitcoin was unaffected by the recent short-term drop on one of the largest trading platforms. It then went on to rise to $56,800, the highest level since May 12. The leading cryptocurrency has gained 29% in the first month of its historic fourth quarter bull run.
“Bitcoin ended the weekend scraping above $56,300, and crypto continues to be a whales’ market. Addresses with 100-1,000 BTC accumulated 85,700 BTC beginning at the late September bottom. These whales hold 21.3% of the supply now, their largest of all time”, Santiment stated.
Settled value on the Bitcoin network has surged recently, hitting a new all-time daily high last week. Bitcoin’s daily settlement value hit an all-time high on October 6, with $31 billion worth of transactions settled on-chain using the Bitcoin network.
The record high marks a roughly 40-fold increase in the network’s daily settlement volume since the beginning of 2020. According to data from Coin Metrics, daily settlement volume has since plummeted, with the Bitcoin network falling, settling $11.6 billion worth of transactions on October 10.
Source: Anthony ‘Pomp’ Pompliano/Twitter
According to Bitinfocharts, the average value of a transaction executed on the Bitcoin network has also been steadily increasing over the past three months to tag $732,000 — an increase of 273% since the beginning of July.
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