Bitcoin dives, extending crypto descend

Bitcoin dives, extending crypto descend

On Friday, the worlds’ number one crypto asset, Bitcoin started lower. The digital currency is braced for six daily losses in a row, having enjoyed six successive winning marathons three weeks ago.    

Having hovered above support at $7,500 on Thursday, the most popular digital currency went down to a session minimum of $7,290.02 in early New York trade. The currency pair BTC/USD hit $7,330.55, sinking 3%.

However, the recent selloff could be provoked by a single Bitcoin enthusiast. On Friday, Hong-Kong exchange OKEx came up with a statement stating it had terminated a huge trading position of up to 4168515 contracts. The huge size of the order automatically activated the so-called societal loss risk management mechanism.

The very essence of the societal-loss-risk-management mechanism is that some users holding a profit are going to be subject to a clawback and also they will surrender some profits just to have their position covered.

The exchange tried to reach out to the anonymous trader, but failed and urgent measures were taken.

On Thursday, Bloomberg informed a dismal fact that Swiss banking giant UBS told that Bitcoin can’t be a proper nominee to become a payment system for the entire world. The bank explained that this digital currency is extremely unstable by nature and it prevents it to be employed as a trustworthy means of payment for transactions worldwide.  Moreover, the bank’s analysts stressed that Bitcoin should reach at least $213,000 to replace the whole American money supply.    

Bitcoin futures generally slumped. As a matter of fact, the Cboe Global Markets Inc. contractXBTQ8 headed south by 2.4% coming up with an outcome of $7,345. As for the CME Group Inc.’s August contract BTCQ8, it demonstrated a reading of $7,330, dipping by 2.8%.

The currency pair ETH/USD stood still being worth $410.00.



Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

USD and GBP Traders Await Big Moves
USD and GBP Traders Await Big Moves

The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.

Latest news

USD Gains Momentum
USD Gains Momentum

The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera