BTC price dip might have been caused by an unknown miner pool, and since the beginning of the year fraudsters have stolen $1.4 billion worth of cryptocurrency

BestChange
2 min readJun 3, 2020

Opinion: Bitcoin price fell because of miners

Miners initiated Bitcoin price dip, said Ki Young Ju, CEO of analytical portal Cryptoquant.

On June 2, within a few minutes, the BTC price fell from $10,150 to $ 9,400, and on the BitMEX exchange to $8,600. A few hours earlier, an unknown mining pool, with the fifth-largest hashrate in the world, transferred more than 3 thousand coins to trading platforms, Ju points out.

Similar things have happened before: on May 20, a pool drove about 3 thousand BTC to exchanges, after which bitcoin fell from $9,700 to $8,800 within a day, the analyst notes.

Since the beginning of the year, fraudsters have stolen $1.4 billion in cryptocurrency

According to the specialists of CipherTrace, 2020 can beat the 2019 record for the volume of cryptocurrency-related crimes.

In the first five months, cybercriminals stole just under $1.4 billion worth of digital currencies. CipherTrace experts note that the number of extortions and fraudulent schemes, including coronavirus-themed crypto crimes, has significantly increased. Hackers send out letters with viruses posing for the Red Cross, WHO and the Center for Disease Control.

Only 2% of funds stolen from the beginning of the year are connected with hacking exchanges, the rest is the result of fraud, experts note.

Commissions in the Bitcoin network fell by 78% after halving

The halving of the award on the Bitcoin network on May 11 led to a sharp increase of the commission — on May 20, the median value reached a record $3.95. Now the figure has dropped to $1.59, and the average commission level has fallen by 66% to $2.25.

The median value does not include data that stand out strongly from the overall picture, and the average takes into account all figures. A decrease in the commission was facilitated by a decrease in the bitcoin mempool: on May 21, the total size of unconfirmed transfers reached 94 Mb, and by the end of the month, the volume of the mempool fell by 99% to 250 Kb.

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