Categories: Speculation

Bitcoin loses another 15% in value



Bitcoin loses another 15% in value during the first one hour of Asian trading session. Although, a little slow in catching up, leading US Dollar denominated exchanges BitStamp and BitFinex followed its CNY counterparts in a high volume driven selling. This move further reinforces the position of China as the market leader in Bitcoin. While there may be early signs of capitulation, this is what it must feels like to buy at the bottom.

The price of one

Related Post
  1. The BOSAGORA Blockchain Breaks Out With Strong 2019 Performance

    One of the most exciting breakouts of 2019 was BOSAGORA and its native token BOA…

  2. Arbitrage Trading Made Easy With Hivereck Trading Bot

    In the world of crypto trading, timing and exposure are everything. Broader access to information,…

  3. The Blockchain Can Help Us Clean up Our Act

    If you think a lot of talk about blockchains is garbage, it’s only fitting to…

Bitcoin was 1660 CNY when markets closed at the end of Asian trading session on 1/12. After hitting a low of 1470 CNY during the first hour of 1/13, following an intense selling period, prices are currently consolidating in the range of 1500’s on Houbi and OkCoin. At the same time, there was a high selling volume on BTC-e which took the prices to a low of $230.

Yesterday, a cloud mining company Cex.io announced the suspension of their services due to declining
Bitcoin prices. Although, the move is declared to be temporary by the CEO, the rise in mining difficulty and falling prices have baffled people involved in the industry. 

After hitting a low of $255 on
BitStamp and 1582 CNY on 1/4, Bitcoin markets moved into the upwards trajectory of 1800 CNY. The next day on 1/5, Bitstamp went offline after a public statement was made about an attack on their hot wallet resulting into a loss of 19,000 bitcoins.   The breach of long term support at $260 was a crucial move for the overall market sentiment. Mainly because it disproved the previous held Wave Count of TA experts.

The three day correction towards the resistance point of $303 would have a shown a sign of reversal if it had been any longer. But, charts indicated another major drop incoming right after Bitstamp
came back online on 1/11. Right now, the support of $250 is broken on all Bitcoin exchanges. This is showing a sign of another drop in the 230’s.

Investors are advised to wait for a confirmation of trend reversal before taking a long position. If you liked this article please follow us on twitter @btc_feed and don’t forget to subscribe to our newsletter!

 

danish javed

Share
Published by
danish javed
Tags: bitcoindownfallprice
9 years ago

Recent Posts

BlockDAG Excels With 30,000x ROI Potential, Outshining NEAR Protocol’s Price Gain And Render Token’s Emerging Promise

Render Token is advancing with significant updates like OctaneBench integration and a new pricing algorithm,…

9 hours ago

Comparing Generative AI Cryptos SingularityNET, Akash Network, and Raboo 

Projects all across the crypto market began integrating cutting-edge technology as a core part of…

17 hours ago

Wormhole Brings More Interoperability to Arbitrum; KangaMoon and Optimism Eye Bullish Rally As Top Altcoins

Wormhole has recently taken some big steps towards improving compatibility on Arbitrum (ARB). At the…

17 hours ago

How to Become a Millionaire With These 3 Under $0.1 Cryptocurrencies

Option2Trade (O2T), Shiba Inu (SHIB), and Bonk (BONK) present compelling investment opportunities for those seeking…

18 hours ago

Analysts Doubt Memecoins’ Role in Crypto Bull Run, Recommend OP and ALGT

Memecoins Like WIF and SHIB Will Not Encourage a Crypto Bull Run, Analyst Recommends OP…

18 hours ago

BDAG’s 1000x ROI & 8+ New Payment Options Beat Ethena & Toncoin

BlockDAG‘s 1000x ROI & 8+ New Payment Options Surpasses Ethena Prices & Toncoin Investors’ Interest…

18 hours ago