BitMEX CEO Affirms Bear Call, Says BTC May Fall to $2,000

  Twitter Facebook LinkedIn What a difference a few months can make. It seems like a lifetime ago that Arthur Hayes, CEO of cryptocurrency derivatives platform BitMEX, predicted that the bitcoin price could reach $50,000 in 2018. In fact, it has been less than six months, though the events that have occurred during that interlude have been sufficient for Hayes to slash his short-term crypto forecast by more than 95 percent. CCN reported earlier this week that Hayes, a former Citigroup trader, is now predicting that the bitcoin downtrend could…

Bitcoin Unexpectedly Rises to $6,600

  Within the past six hours, the cryptocurrency market has added $5 billion to its valuation as Bitcoin demonstrated an unexpected increase in its price. 1-day chart of total crypto market valuation, chart provided by Coinmarketcap.com Throughout the week, Bitcoin struggled to demonstrate recovery in its volume and momentum, as it fell below the $6,500 mark, a level which the dominant cryptocurrency managed to sustain for several weeks. Since August 9, the price of BTC has remained relatively stable in the range of $6,400 to $6,800. Apart from one instance…

Bitcoin is Reversing, 2 Catalysts Will Drive it Higher in 2018

Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic. In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of…

Did the Mt. Gox Trustee Bitcoin Sell-Off Cause the Crypto Market to Crash?

On September 25, the Mt. Gox trustee released a document entitled “Announcement on Measures to Secure Interests of Bankruptcy Creditors,” disclosing the sale of over $230 million worth of crypto including Bitcoin and Bitcoin Cash. While it still remains unsure whether the decline in the price of BTC and the valuation of the crypto market was triggered by the sell-off of Bitcoin and bitcoin Cash by the Mt. Gox trustee, the recent correction of the market coincided with the release of the document. Since March, within a period of six…

Crypto Market Surges as Ripple Continues Rally

Within the past 48 hours, the valuation of the crypto market has increased from $198 billion to $218 billion in a rally boosted by a surge in Ripple token XRP. XRP, the native cryptocurrency of the Ripple blockchain network, recorded a 40 percent rise on September 21, continuing its momentum that was established earlier this week. Qtum, Stellar, 0x and Cardano were some of the best performing cryptocurrencies on the day, recording 15 percent gains against the US dollar. End of the Bear Market? Throughout this week, Bitcoin recorded a…

Bitcoin Price Intraday Analysis: BTC/USD Wedge Support Broken

Bitcoin price on Monday depreciated against the US Dollar after consolidating sideways for the whole Asian and European sessions. The BTC/USD at the beginning of the US trading hours formed lower lows towards 6239-fiat. Before that, the pair was trading sideways owing to minimal momentum. It kickstarted the Asian session with just shy of 6500-fiat and recorded marginal gains as the day matured. BTC/USD started retracing below 6500-fiat during the early European session, displaying weak pullbacks from the said psychological level. And, right around the time of this writing, and…

Bitcoin Price Stable at $6,300 But Crypto Market en Route to 2018 Low

On September 10, Bitcoin experienced an unforeseen spike in its price, rising from $6,190 to $6,450. Yet, the rest of the market has struggled to recover, demonstrating slow movements. On August 15, the cryptocurrency market reached its lowest point in the year at $191 billion. Over the past 24 hours, the valuation of the market has declined from $200 billion to $196 billion, moving towards its yearly low. Bitcoin has remained relatively stable in the $6,300 region while most small market cap cryptocurrencies have fallen in value against both Bitcoin…

Bitcoin Price Intraday Analysis: BTC/USD on Sideways Trend

Bitcoin price on Friday made no significant corrections from its intraday low near $6,302. The BTC/USD over the course of past 24 hours has done a raise-and-erase act, signaling a sideways sentiment. At the beginning of the Asian session, the pair had noted a weak bull correction attempt, so that it established an intraday high around 6540-fiat. The bulls got cold feet around 6500-area and sellers started exiting their long positions – perhaps on small intraday gains – to push Bitcoin back towards the previous low. That was the European…

IT IS POSSIBLY THAT THE FEE OF BITCOIN WILL TEST THE $6,000 ASSIST LEVEL

  The cryptocurrency market has seen one of its steepest declines in a one-day period since February of this year, losing more than $38 billion from its market valuation. The Bitcoin price has dropped from $7,150 to $6,400 in less than six hours, recording a massive sell-off across major cryptocurrency exchanges. Following the speedy decline in the rate of Bitcoin, tokens and small market cap cryptocurrencies took a large hit. Even tokens with the maximum liquid Bitcoin buying and selling pairs like Tron, EOS, Cardano, ICON, and Ontology proven every…

Bitcoin Remains Above $7,200 For 3 Days; Where is the Market Headed?

Since early August, Bitcoin has shown a level of stability it hasn’t seen since early 2017. Throughout this week, bitcoin price has remained above the $7,200 mark. Since Sunday, the cryptocurrency market has not seen any major movement to both the upside and downside, possibly due to the lack of momentum and volume in Bitcoin, Ethereum, and other major cryptocurrencies to initiate a strong mid-term rally. But, the stability shown by Bitcoin could be considered as a positive indicator for mid-term recovery, as it is highly unlikely for any asset,…