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The gold crazy? The price of gold Bitcoin drops 62% in the first day of trading

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The price of gold bitcoin has dropped 62% more on its first official day of trading, despite the fact that no exchange allowed deposits.

As CCN reported, bitcoin gold (BTG) is an altcoin that, like Bitcoin Cash, will have a historical blockchain shared with bitcoin at the time of its release. The developers of Bitcoin Gold took a "snapshot blockchain" Tuesday morning at block 491,407, freezing the balances that bitcoin users will have in their corresponding bitcoin gold portfolios following the release of the main Bitcoin Gold network. In the meantime, promoters foreshadow about 100,000 coins that they believe will be used to fund the growth of the coin ecosystem.

Although the Bitcoin Gold network has not officially started, several major stock exchanges – including Bitfinex and HitBTC – have credited their users with BTG balances and added trading pairs, even though they can not make deposits. or withdrawals before the mainnet is stable. ]

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<p class= BTG Price Graph | Source: CoinMarketCap

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Gold Bitcoin has not fared well in its first half days on exchanges. When order books opened, the price of bitcoin gold was near the $ 500 level. Over the next 16 hours, the price of gold bitcoin lost about 100 dollars, but on Tuesday at 14:00 UTC it began to crush. At 3:30 pm, the price of bitcoin gold dropped to $ 275, and it continued to fall, eventually reaching a relative stability point between $ 140 and $ 150. At present, the price of bitcoin gold is $ 144, which represents a 62% drop over 24 hours.

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<p class= Bitcoin gold exchange volume chart | Source: CoinMarketCap

Although commercial access is limited, the 24-hour BTG volume is $ 24 million, placing it in the top 15 most-traded cryptocurrency, according to data from CoinMarketCap. The vast majority of this trading is concentrated on Bitfinex and HitBTC, and the price varies considerably between these exchanges. On Bitfinex, for example, gold bitcoin is trading below $ 120, but HitBTC estimates it at $ 198. YoBit is as expensive as $ 242, although this exchange represents only 5% of the total volume of BTG.

It is much too early to extrapolate the success or failure of Bitcoin Gold on the basis of these early statistics, but many bitcoin holders – most of whom do not keep their shares in stock – have the # The intention to sell their parts as soon as they can. to access it, it does not bode well for the short-term prospects of the coin, namely that it is trading so low even before the deposits have been activated.

Image from Shutterstock.

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