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HomeCryptocurrency NewsBitcoin NewsBitcoin plummeted 8% in one hour due to Mt.Gox and IRS mistakes

Bitcoin plummeted 8% in one hour due to Mt.Gox and IRS mistakes


Bitcoin volatility is likely to increase amid uncertainty about US transactions related to Mt Gox. Several factors affect market stability.
First, an error by the IRS agent in charge of TWAP caused significant fluctuations in the Bitcoin price, as the agent mistakenly specified 90 minutes instead of 90 days. This has caused significant market uncertainty. Many investors are uncertain about BTC’s future value.

Second, there was news of Mt Gox and U.S. government wallets making transactions. This increased volatility causes further speculation and uncertainty in the market.

These transactions were flagged by Arkham Alert, a system that monitors large transactions in a Bitcoin network. However, the nature and intentions of these transactions remain unclear. Traders and investors seek more information to understand their implications.

Emerging market events significantly affect the stability of Bitcoin and increase its volatility. This situation is not yet fully understood. db’s latest tweet added even more vagueness:

In conclusion, the Bitcoin and crypto market in general has always been highly unpredictable and a number of unexpected events contribute to this uncertainty. Traders and investors are advised to be cautious and keep a close eye on market developments in order to make informed decisions.

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