This article looks back at Bitcoin’s recent price action, the 11th anniversary of the Bitcoin white paper, the spooky ongoings at crypto derivatives exchange Deribit, and CZ’s 16K near-term price prediction for Bitcoin.
To give you a rough idea of how well the crypto markets are doing today, 11 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar), which is not perhaps surprising given that one of those cryptoassets that is down today is Bitcoin.
First, let’s start by looking at how Bitcoin has been doing in the past 24-hour period:
By around mid-day (UTC time) on October 31, we had a nice little increase in the price of Bitcoin:
— CryptoCompare (@CryptoCompare) October 31, 2019
Everything was fine till around 21:00 UTC when users of crypto derivatives exchange Deribit started seeing some spooky things. More specifically, the exchange’s BTC price index calculation starting having issues, which resulted in the Deibit platform believing that the price of Bitcoin had crashed to around $7,700, which resulted in around $1.3 million worth of losses for users as the result of many long contracts getting liquidated as well as some stop-loss orders getting triggered:
— Alex Krüger (@krugermacro) October 31, 2019
Around 2.5 hours later, Deibit sent out the following tweet to reassure users that the exchange would cover the full amount of losses caused by this glitch and that users would be made whole:
Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue around 21:00:00 UTC on October 31, 2019.
The Deribit Insurance fund will not be used to cover these losses, but compensation will be covered by Deribit.
— Deribit (@DeribitExchange) October 31, 2019
By around 05:30 UTC on November 1, Deribit had sent out another tweet, this time confirming that it had identified all affected user accounts and reimbursed them:
We have reimbursed all affected accounts. A total of ~150 BTC has been reimbursed by Deribit.
The insurance fund will remain unaffected and all reimbursement will be paid by Deribit Company reserves.
Again, our sincerest apologies for all inconvenience caused.
— Deribit (@DeribitExchange) November 1, 2019
As for where the price of Bitcoin is headed, one person that remained in a bullish mode today was Binance CEO Changepeng Zhao (aka “CZ”) who tweeted that he felt in the near future he could see the Bitcoin price reaching the $16,000 level even though he almost never makes Bitcoin price predictions:
Lol, price predictions are easy. It’s just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak. https://t.co/mf9hKpP6Js
— CZ Binance (@cz_binance) November 1, 2019
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