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Bitcoin Price Jumps Above $6,800 as Momentum Builds

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The price of Bitcoin today abruptly jumped to over $6,800 today. At the time of writing, the price is at $6,823.42 on Coinmarketcap.

There are a number of factors that could have contributed to this sudden jump. Bitcoin, and Cryptocurrencies more generally, have seen a plethora of good news this week.

For instance, South Korea (which is a major trading market) announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic ICOS.

This is according to the Korean Times, who stated, “Financial regulators plan to ease rules on crypto-based assets in line with policies initiated by G20 nations to establish “unified regulations.”

Another major occurrence is the increasingly successful lightning network. Some reports making the rounds online have even stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.

By far the biggest piece of news, however, is that Coinbase announced on Monday that their “Coinbase Custody” product was officially live.

What’s interesting to note about this Bitcoin price spike is that it occurred very suddenly at 5:45 PM Pacific time after a day of relative price stability.

This conclusion was based upon examining Coinmarketcap’s charting feature for Bitcoin which I encourage our readers to verify themselves.

Meanwhile, Coindesk (a major cryptocurrency news source) retweeted the Coinbase Custody announcement at exactly 5:45 PM. Now, it is somewhat speculative to link the entirety of this latest Bitcoin price spike to this retweet.

That said, I believe is it is absolutely reasonable to assume that Coindesk has a large enough media footprint (they have 741k followers on Twitter) such that a single retweet from could cause something like this to happen.

Other potential factors that may have impacted the price spike include so-called crypto “whales” choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.

Since the overall cryptocurrency market prices tend to mirror Bitcoin in terms, these large buy orders could have theoretically resulted in a temporary feedback loop, where altcoin prices rose due to the Bitcoin price spike, which in turn led to the Bitcoin price spiking even more because of the potential for a “Bull Run.”

For our less experienced readers, The Financial Times defines a “Bull Run” as a period of time when prices rise on a financial market.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Altcoins

Crypto Market Flash-Dips 12%; Bitcoin Price Hits New Yearly Low as ETH, TRX Bleed Out

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The global cryptocurrency segment experienced a market-wide sell-off on Wednesday afternoon, losing $25 billion, or 12% of the overall market cap.

The bulk of the losses struck in a brief one-hour window, between 15:30 and 16:30 UTC. The sudden flash dip came as a surprise to say the least, and followed this morning’s $7.5 billion sell-off which, without the benefit of foresight, seemed significant at the time.

Just When We Thought We Were Out…

Now the altcoin setup looks radically different, with several coins threatening the yearly lows of August-September once again following an entire quarter of recovery.

All of Bitcoin Cash’s recent gains have disappeared, with BCH sinking 30% in the last week alone, and close to 20% in the last day. The same pattern persists among all the recent market growers, as yet another great correction unfolds.

BTC/USD Hits 13-Month Lows

Bitcoin did however strike new yearly lows, or thirteen-month lows to be precise, after BTC/USD fell to $5,765 – a level not witnessed since October 2017. That puts BTC on 9.8% losses over less than twelve hours, after falling from this morning’s $6,395.

Of Bitcoin’s $6 billion volume at time of writing, you have to look eleven places down the charts to find the first cryptocurrency that BTC has been significantly traded against. The top ten most concentrated trades are all against either fiat currency (USD and KRW), or dollar-pegged stablecoins – specifically Tether (USDT).

Ethereum Sinks Along With Mining Profits

As covered earlier on Hacked, Ethereum’s initial fall below the $200 mark resulted in Ether mining no longer being profitable. However, the $189 price quoted in the article continued to fall further, landing on $179.49 and resulting in a 14.4% crash for Ethereum from last night’s high of $209.78.

That’s still slightly above the $170 valuation recorded during the dip of September this year, and saves ETH from notching up a new yearly low along with BTC.

Tron (TRX) Threatens Yearly Lows

The value of TRX fell 16% from $0.022358 to $0.018757 for Wednesday, pushing the coin closer to the lows of August when TRX hit the eery number of $0.016666 before rebounding.

This time the price rebounded to the $0.019 level, which is a hopeful sign for the altcoin, although TRX losses now stand at 22.5% for the last seven days.

All of the coin growth surrounding BitTorrent, record transaction volumes, coin listings and everything else that came out of Tron HQ in recent months has now effectively been wiped out.

Few coins were spared the bloodletting, and even the stablecoins were shaken by the sudden sell-off as Tether dipped to the $0.97 range once again. Despite the numbers quoted above, the worst of the losses came from the lesser altcoins, with recent gainer Basic Attention Token (BAT) now down more than 40% for the week.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Update: Crypto Selloff Deepens as Bitcoin Hits New Yearly Low

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The cryptocurrency market underwent a massive selloff Wednesday, as bitcoin breached new lows for the year and major altcoins booked double-digit losses across the board. Bitcoin cash experienced the largest percentage drop, effectively erasing gains made in the run-up to Thursday’s hard fork event.

Market Update

Cryptocurrencies have given up a combined $25 billion in value over the last 24 hours, as markets approached new lows for the year. The selloff intensified through the late morning session, driving the crypto market cap to a low of $187 billion. At the time of writing, cryptoassets were worth $188.4 billion collectively, according to CoinMarketCap.

Trade volumes surged 33% to $17.6 billion as investors rushed to liquidate their positions amid the selloff. All major exchanges reported a sharp rise in daily turnover, with volumes on Huobi, Bitfinex and LBank surging 100% or more in the last day.

Bitcoin’s price collapsed more than 10% on Coinbase to reach a session low of $5,530. At the time of writing, BTC/USD was worth $5,675.

Bitcoin cash, the fourth largest cryptocurrency by market cap, relinquished a whopping 18.1% to reach $433. In doing so, it completely reversed all the gains made in the last two weeks.

Ethereum fell 12.1% to $184, XRP lost 11.9% to $0.4576 and Stellar XLM declined 12% to reach $0.2303. With the exception of USDT, a dollar-backed stablecoin, all cryptoassets in the top-20 lost 7% or more on Wednesday.

The following snapshot, courtesy of CoinMarketCap, highlights the extent of the selloff.

Bitcoin Dominance Grows

While bitcoin certainly wasn’t spared from the latest rout, its share of the overall market climbed back above 54% on Wednesday, a sign that remaining capital was consolidating in the largest asset store. Bitcoin’s dominance rate has since fallen back to around 53.1%.

Extended periods of volatility for altcoins and tokens have provided bitcoin with a linchpin of support since the bear market began earlier this year. This has been most recently demonstrated by narrower price ranges and sharp declines in volatility for the leading digital currency. As Hacked recently reported, bitcoin’s volatility index fell this week to its lowest level in over two years.

Although there was no immediate catalyst for the rapid decline in market prices, anxiety over the future of bitcoin cash likely factored into the equation. The protocol’s primary implementation, dubbed bitcoin cash ABC, has won support from major industry players ahead of Thursday’s hard fork. However, recent data show that the network’s hash rate has tipped in favor of bitcoin SV, a competing protocol being pushed by Craig Steven Wright, Calvin Ayre and some very large mining pools. This information may have contributed to a sharp spike in SV futures prices on Wednesday.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 664 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Analysis

Crypto Update: Selloff Accelerates as Bitcoin Brakes Support

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The bearish period continued so far today in the cryptocurrency segment with several majors falling below key short-term support levels. Bitcoin violated the $6275 level, Ethereum fell back below $200, while Ripple is now under the $0.50 price level again. The smaller coins are also under clear selling pressure, and our trend model continues to overwhelmingly negative picture, especially with regards to the long-term time-frame.                

BTC/USDT, 4-Hour Chart Analysis

Bitcoin hit its lowest level in a month, dropping below the $6275 support and likely setting up a test of the $6000 level and putting the key long-term support zone near $5850 in danger as well. The total value of the market declined by more than $5 billion due to the selloff, and bulls would need a quick recovery to avoid another leg lower in the bear market following the lengthy consolidation period.

Bitcoin faces strong resistance at $6500, $6750, and $7000 while below $5850 the next major support zone is found between $5000 and $5100. Traders should still stay away from opening new positions, with our trend model still being on a short-term sell signal.

XRP/USDT, 4-Hour Chart Analysis

Ripple also followed the broader market lower, and the now it’s clearly below the $0.51 level, with the recent weakness warranting a downgrade to neutral in our trend model concerning the short-term time-frame.

While the long-term outlook is still neutral, given the segment-wide trends, traders and investors should remain cautious with new positions even in the case of a renewed buy signal in the coming period. Support below $0.51 is still found between $0.42 and $0.46, while further resistance is ahead near $0.54 and $0.57.

Litecoin Nears Bear Market Low as Ethereum Tests $200 Again

ETH/USD, 4-Hour Chart Analysis

Ethereum dropped below the key $200 support/resistance level again after last week’s failed rally attempt, and now the coin is once again on sell signals on both time-frames in our trend model. While the second largest coin is well above its bear market low, which is found near $170, but given the strong bearish long-term trend, odds continue to favor a test of that and possibly the $160 support as well.

With that in mind, traders and investors should still stay away from the coin ETH, with strong resistance zones ahead near $235 and $260, and with further support found at $180

LTC/USD, 4-Hour Chart Analysis

Litecoin is still among the weakest top coins and it’s getting closer and closer to the bear market low near $47, with a breakdown being very likely in the coming weeks. The $44 price level is the next main support, while in the case of a recovery above $51, the next strong resistance zone is found near $56, with another zone above that at $54.

EOS/USD, 4-Hour Chart Analysis

EOS fell below the key $5.35 support/resistance level amid the broad selloff today, and now it’s on a short-term sell signal again, with the long-term trend clearly being negative. Now, a test of the $5 level seems likely in the coming days, and a break below that could set up a move towards the strong support zone near $4.50.

That said, the consolidation period could still continue, and the coin might still avoid a new bear market low, which could point to an ongoing long-term bottoming process.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 394 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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