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Despite a myriad of bitcoin voices (which we will enter later) causing the price drop in most places, in some points, the bitcoin is indeed on the rise !!
In Iran's Exir exchange, the price was referring to Tomans 100 million on Tuesday, which translates to around $ 24,000 at current prices.
This comes after the announcement that the government is taking a more favorable position towards encryption.
In a strange way, the dynamics of supply and demand are working in a way that is contrary to what has happened recently with Iranian oil. When Obama eased Iranian sanctions, he suppressed oil prices, as the market expected more online bidding to arrive.
Here, however, the price has soared. This is apparently due to the excitement in the country that the government is moving towards the acceptance of cryptocurrencies, in a place where the local currency can not be viewed as a stable reserve of value.
Note: All data, figures and graphs are valid from 6 September. All trading involves risks. Only the risk capital that you can afford to lose.
The renewed drama surrounding the regulation of social networks seems to have depressed stocks yesterday.
Twitter CEO Jack Dorsey and Facebook COO Sharyl Sandberg were grilled yesterday by Congress. Now it seems more likely that US politicians are interested in pursuing stricter regulations on technology giants.
Google was also invited to attend the meeting, but unfortunately their chair remained empty. The fact that people are starting to ask difficult questions and that citizens and governments are asking for answers seems to have knocked down yesterday's heavy Nasdaq index.
The strength of the US dollar continues to devastate financial markets. We have focused mainly on smaller currencies recently, but it seems that even yesterday the Australian dollar has reached new lows
. Price action is slightly peculiar as it follows a strong relationship on GDP and a relatively strong economy. Some reports suggest that this is due to fears of a crossfire from Trump's trade war, but in my mind, we should probably be more focused on the roaring strength of the greenback.
Bitcoin is down over $ 1,000 in the last 48 hours and the damage to the altcoins is even worse. Of course, everyone asks "why"?
Well, the fact that people ask already indicates that it is not entirely clear. According to the dynamics of the market, the whole price movement can be explained by supply and demand. At the moment, it seems there are simply more bitcoins sold than bought.
However, there are some things we can point out that could influence the decision of the cryptotraders at the moment.
First … a Business Insider article indicates that …
The expectation that Goldman will soon open an encryption desk has been seen as a positive thing for the market, so this report is rather disappointing. .
However, the above article cited an anonymous source and therefore probably should be considered unconfirmed. When contacted later, Goldman's spokesmen were considerably more neutral about their future plans.
Secondly … it is also possible that there could be further selling pressures in the altcoins due to the drama of Ethereum that we highlighted in yesterday's market update.
Thirdly … new stories are emerging about a possible whale dating back to ancient times. Apparently, a portfolio that is said to be connected to the old bitcoin pirate market known as Silk Road, has shifted some coins worth about $ 1 billion. Cryptographic markets love a good story of whales.
Of course, Bitcoin's volumes through global cryptographic exchanges are now firmly above $ 6 billion a day, so even if this pirate whale decides to violate, it probably would not do much. In these cases, perception may be worse than reality.
Finally, my favorite explanation lately remains the strength of the US dollar. As indicated above, the dollar has taken many victims lately. USD has been the global reserve currency for decades, so as long as it shows strength and bitcoin is perceived as a bearish market, many people will probably be looking for a more stable deposit of value. [19659002] All in all, this week's events and price action have not been too extreme.
This kind of volatility is normal for crypto-assets and we are not seeing anything new here. In reality, if anything, cryptographic markets remain as stable as ever.
Here is the chart we have been monitoring in the last few months. As you can see, we're in the middle of the same constant trading range we've been in for the past six months.
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