The Bitcoin price has fallen below the 250 dollar mark and if you look at the order books of the major stock exchanges, the Bitcoin price seems to be falling even further.
Today’s opening price was USD 267.08 and fell drastically after only two hours. Shortly after 4 a.m. the price then dropped below the 250 mark, which according to experts is an important psychological limit. As a result, the price was able to stabilize for a short time, but then fell further and broke through the 230 dollar mark.
At present (14 o’clock) the current Bitcoin formula lies with 228 US Dollar and/or 193 euro
Market observers had previously warned that if the 250 US dollar mark was breached, a further Bitcoin formula slump could occur. Athur Hayes of BitMEX wrote in his Bitcoin formula trading newsletter that the next psychological limit will be 200 dollars.
Market depth 10:35am. Source: Bfxdata.com
Order books show large sales orders
The order books of the major Bitcoin exchanges show an outbreak of trading volume today. Primarily consisting of sell orders.
On Bitfinex the trading volume of the last hour consisted of 70% sell orders. In the last 24 hours this value was 64%.
Also on the Bitcoin stock exchange Bitstamp, which recently went online again, the sales orders have clearly picked up speed. Around 1,000 coins are for sale at a price of 244 USD.
The miners pulled the plug
The Bitcoin descent has several effects on the Bitcoin world. While traders try to sell their Bitcoins at the best possible price or take advantage of volatility to make small profits, Bitcoin miners do not feel fairly rewarded due to the low price. For example, the cloud mining service CEX.IO has temporarily discontinued the service due to the low price. Although the Bitcoin mining problem found its way to Plateau, it is still at a new all-time high.
“This is the point where mining costs outweigh profits,” says CEX.io Officer Jeffrey Smith in a blog post.
So how low is the Bitcoin rate going to fall?
As already mentioned by several market observers, the Bitcoin price, after breaking through the $250 market, could still fall below the 200 market.
Martin Tillier (Nasdaq) assumes that the true value of a Bitcoin is around 140 US dollars. This is slightly more than the price before the big “bull run” in autumn 2013.
Update 14.01.2015 08:50h: The 200 US-Dollar mark was broken half an hour ago. It remains to be seen whether Martin Tillier’s assumption that the real Bitcoin price is around 140 USD will come true.