Bitcoin Price Bearish After Network Hiccups -
Bitcoin Breaking News Brief

Bitcoin Price Bearish After Network Hiccups


The price of Bitcoin has been slowly dipping downwards since Wednesday, March 2nd and Monday’s spam attack fiasco. The price had previously wavered within the USD $430-440 range up until late Tuesday after the network problems. Now the price has fallen below the sub $400 level and is showing signs of volatility.

Also read: IOTA: Internet of Things Without the Blockchain?

Bitcoin PriceThe Bitcoin Price Drops Below $400

On February 29th, 2016 the network had what some called a spam or fee attack which slowed trades down and left many unconfirmed transactions in the mempool. I personally waited three and a half days for a large sum of coin I sent over the blockchain for a small two-cent fee. This day had caused very emotional outbursts from people on forums from many in the community concerning the block size debate. However, the network hiccup had done very little to the price over the course of 24 hours as people may have been scared to transact. The following day on March 2nd saw record transactions with the start of a slight dip in price value per BTC.  

Since this event, the price has been somewhat volatile and looking quite bearish. Mainstream media outlets portrayed the event as a disaster and depending on what you were reading this week opinions varied considerably. Infighting between developers and industry executives has gotten worse, and many people just want action. Coinbase CEO Brian Armstrong attended the Satoshi Roundtable in Florida and walked away seemingly upset about consensus. Armstrong states in his latest blog post that the Bitcoin Core team is a “systematic threat.” Others had disagreed with Armstrong’s opinion and felt things are going to be alright.

34With the back and forth arguments, ideas and consensus meetings it’s been quite the confusing road for those not able to follow the debate day after day. As usual Bitcoin moves forward but swarms of private blockchain news continue to be heard throughout the community. The altcoin Ethereum has increased its value exponentially over the past few days and has risen to a height of over $11 per ETH at the time of this writing. Some have said because of the bad news in the Bitcoin world users could possibly be slowly trickling into the Ethereum market cap.    

At press time, the current price of one Bitcoin is $395 and has seen some resistance at this level moving downwards. Discussions about the block size debate have grown even more popular each day, and conversations about implementations are frequent. Most of the community seem relatively optimistic about the price and network issues on February 29th. As the Bitcoin blockchain rolls on and the block size conversation continues people wonder what’s next in this crazy world of cryptocurrency. Whatever the case may be it’s always interesting in Bitcoin land.  

What do you think about Bitcoin’s current price? Let us know in the comments below.  

Images courtesy of Shutterstock, and Pixbay 


Jamie Redman

Jamie Redman is a crypto writer and a dragon on Tuesdays. Follow me on twitter @jamiecrypto

  • Kampenauto

    The free market will solve the issue with the blocksize limit by either dumping Core or Bitcoin. Those are the two options now.

  • little-lucy

    R3 or developers are using bots on the polo exchange to pump Eth.. thats the reason the price is up.

    It only has volume on one exchange polo, they use api bots to set price,

    the other small exchanges just follow the trend.

    everyone should get on this to make easy money, they pump it for a long time to set new highs to generate press which is good for the coin. nice to get market volume.

    the key is not to get greedy, get out before they dump at top & take profits.

    if you dont get on time they will dump it & you lose a lot of money.

    Bots control the price range, the volume is not real, the same bot sells back & forth moving the price up, you cant short it,

    the volume goes up showing huge market cap as the same bot is just selling eth back & forth to itself.

    if you try to short the price, the bot just replenishes those coins within half a second,

    thats why charting rules dont apply, have you seen the eth chart? nothing like it.

    Manipulation at its best.

    it gets pumped without any corrections, there is 77 million coins in circulation most of that is owned by the same people so the higher they take the price the more they sell to the top.. it only has huge dumps for profit taking which everyone is doing.

    that’s why its only on one exchange so Manipulation is easy, if it was on any other big exchange with high Bitcoin volume it wouldn’t be manipulated so easily.

    i actually agree with the developers not allowing the shorting on margin calls as if they didnt stop the shorts price would be lees than a 1$, it would take years to achieve the current 10% bitcoin cap, they used bots & did it only in one month of pumping the coin.

    its not fair to short the life out of something using margin when there is no demand yet, so you created the demand,

    the only way to create the volume & demand is to show people how much money they could make out of this in the next pump… so bot pumps & dumps which show high market & chance to make money generating lots of publicity for eth! great.

    its a much faster way to get market share creating fake volume showing a bullish trend to suck people in. its a ponzi, but not a long term one, just short term ponzi to get more genuine volume, pumping to get it noticed by the community & new crpto adopters.

    you can see this for yourself on polo the only exchange with the volume, easy to see in the order book & you already noticed it.

    This tech has a great future, they just want to make it happen faster using the price to get publicity which is working & i personally like it.

    if you can speed up the mass adoption using manipulation you should do it, happens in every market. we as the normal user have to be careful but we can also profit from it.

    take the bull by the horns & drag it up, why not…