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(Photo illustration of Chesnot / Getty Images)Getty
The crypto king is hit hard, and is under tremendous selling pressure. Today marks the eighth consecutive day of selloff for Bitcoin. It is down nearly 78% from the historical peak of nearly $ 20,000 (depending on the exchange you look at).
From the beginning of the year, the price is down by almost 69.26%. At the time of writing, the price is trading at $ 4,391. All other major cryptocurrencies feel burned. Ethereum, the second largest cryptocurrency, hit $ 121, a level not seen since May 2017. XRP, a token associated with Ripple, is by far the strongest currency now and has gained position number 2 again (according to coinmarketcap.com).
Ripple is the strongest currency between Bitcoin and Ethereum.Source: Bloomberg, ThinkMarkets,. Twitter: @ NaeemAslam23
Bitcoin broke the $ 5,000 mark yesterday for the first time, breaking yet another psychological level. This made the feeling unripe. The break of $ 6,000 was the first major psychological level to be broken and now a $ 5,000 violation is a further proof that the bulls are not supporting the price. The next big support level is $ 4000. One can only pray that the price will not fall below this critical level because this would open the floor to the $ 3000 level.
The open interest for Bitcoin futures on the exchanges of the CME and CBOE group jumped to 22,266, reaching a record high. Open interest is by definition a measure of market activity, or simply puts the flow of money into the futures market. Greater open interest means that new money comes into the market and lower open interest means that fewer investors are interested in this market.
Return of volatility for Bitcoin. Open interest has jumped to a record level.Source: Bloomberg, ThinkMarkets. Twitter: @ NaeemAslam23
Fundamentally, the current sale is due to two main reasons; regulatory pressure and disagreement within the coin developer community, one of the biggest threats. & nbsp; The SEC reminded the encrypted world that has the final word on everything that smells of security. The department issued civil sanctions against two cryptocurrency companies because they did not record the first money bids as securities. Investors will receive a refund and businesses will face fines. The fear is that the SEC does not stop there and could take similar actions against several companies that have adopted a similar path.
The community must remain united and work for a more significant fork. This is because the developers, on the one hand, try to convince the world that the supply is limited and, on the other hand, they continue to look for ways to trigger another type of fork. Forking has become so common that it jeopardizes the notion of limited supply altogether .
Disclaimer: I keep Bitcoin in my portfolio.
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(Photo illustration of Chesnot / Getty Images)Getty
The crypto king is hit hard, and is under tremendous selling pressure. Today marks the eighth consecutive day of selloff for Bitcoin. It is down nearly 78% from the historical peak of nearly $ 20,000 (depending on the exchange you look at).
From the beginning of the year, the price is down by almost 69.26%. At the time of writing, the price is trading at $ 4,391. All other major cryptocurrencies feel burned. Ethereum, the second largest cryptocurrency, hit $ 121, a level not seen since May 2017. XRP, a token associated with Ripple, is by far the strongest currency now and has gained position number 2 again (according to coinmarketcap.com).
Ripple is the strongest currency between Bitcoin and Ethereum.Source: Bloomberg, ThinkMarkets,. Twitter: @ NaeemAslam23
Bitcoin broke the $ 5,000 mark yesterday for the first time, breaking yet another psychological level. This made the feeling unripe. The break of $ 6,000 was the first major psychological level to be broken and now a $ 5,000 violation is a further proof that the bulls are not supporting the price. The next big support level is $ 4000. One can only pray that the price will not fall below this critical level because this would open the floor to the $ 3000 level.
The open interest for Bitcoin futures on the exchanges of the CME and CBOE group jumped to 22,266, reaching a record high. Open interest is by definition a measure of market activity, or simply puts the flow of money into the futures market. Greater open interest means that new money comes into the market and lower open interest means that fewer investors are interested in this market.
Return of volatility for Bitcoin. Open interest has jumped to a record level.Source: Bloomberg, ThinkMarkets. Twitter: @ NaeemAslam23
Fundamentally, the current sale is due to two main reasons; regulatory pressure and disagreement within the coin developer community, one of the biggest threats. The SEC reminded the cryptic world that has the final word on everything that smells like security. The department issued civil sanctions against two cryptocurrency companies because they did not record the first money bids as securities. Investors will receive a refund and businesses will face fines. The fear is that the SEC does not stop there and could take similar actions against several companies that have adopted a similar path.
The community must remain united and work for a more significant fork. This is because the developers, on the one hand, try to convince the world that the supply is limited and, on the other hand, they continue to look for ways to trigger another type of fork. Forking has become so common that it jeopardizes the notion of limited supply altogether .
Disclaimer: I keep Bitcoin in my portfolio.
