Price
Bitcoin showing gradual growth for the first full day in a long time, at least buy-backs are bigger than sell-offs, talks in favor to the opinion that people are ready to buy BTC at these prices. Currently, the price trades on the 6600.0 level with relatively low volumes, the growth of volumes with the onset of a working day in America can push the price higher, above the 6650.0 resistance. Nonetheless, to break above the next resistance 7000.0, we will need to see some positive fundamental feedback. For now, even if breakthrough of the 6650.0 level will happen the price will probably go into a lateral pattern for the weekends. Otherwise, if markets will see some more negative feedback for BTC, that could trigger profit fixations even after such small growth and sell-off back to the 6000.0 – 6400.0 zone. One more psychological factor is that last fall was occurred during the weekends, hence traders could want to wait until the Monday to buy-in.
Today forecast
Trading in the 6000.0 – 7000.0 zone. High risk of fall.
Latest news
Bitcoin showing gradual growth for the first full day in a long time, at least buy-backs are bigger than sell-offs, talks in favor to the opinion that people are ready to buy BTC at these prices. Currently, the price trades on the 6600.0 level with relatively low volumes, the growth of volumes with the onset of a working day in America can push the price higher, above the 6650.0 resistance. Nonetheless, to break above the next resistance 7000.0, we will need to see some positive fundamental feedback. For now, even if breakthrough of the 6650.0 level will happen the price will probably go into a lateral pattern for the weekends. Otherwise, if markets will see some more negative feedback for BTC, that could trigger profit fixations even after such small growth and sell-off back to the 6000.0 – 6400.0 zone. One more psychological factor is that last fall was occurred during the weekends, hence traders could want to wait until the Monday to buy-in.
Today forecast
Trading in the 6000.0 – 7000.0 zone. High risk of fall.
Latest news
- Crypto Market Rebounds as SEC Clarifies Bitcoin and Ethereum are Not Securities
The cryptocurrency market has rebounded from $271 billion to $291 billion, by more than $20 billion in the past 24 hours, as the US Securities and Exchange Commission (SEC) clarified that Bitcoin and Ethereum are not considered as securities under the laws of the US.
At the Yahoo Finance All Markets Summit, William Hinman Director, Division of Corporation Finance at SEC, emphasized during his speech that Ether, the native cryptocurrency of the Ethereum network, and Bitcoin, are not securities as they do not benefit a single organization or a company.
Hinman discussed the initial coin offering (ICO) of Ethereum in 2014, which led investors to become concerned about the regulatory aspect of Ether, and noted that despite the token sale of Ether, its decentralized structure and the current state of the Ethereum network eliminate the possibility of categorizing Ether as a security.
“And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value,” Hinman explained.
- In simple words about John Griffin report on BTC manipulation and Tether
Recently all crypto-media was filled with news about the article by Economics professor on Tether and bitcoin manipulation in 2017, which brought the price to the 20000.
The 66-page paper, authored by finance professor John Griffin and graduate student Amin Shams, has claimed data suggested that the price of Bitcoin and other cryptocurrencies was artificially inflated by someone connected to a named trading platform – something the platform's CEO denied.
The report alleges that the platform used its own virtual coin, Tether, to generate fake demand for Bitcoin by buying up the currency and keeping its price up while its value sank at other exchanges. The more Tether entered the market, the higher the prices of other cryptocurrencies would rise, according to the study.
The researchers used algorithms to analyse millions of transactions on the blockchain, discovering that half of Bitcoin’s price increase in 2017 occurred hours after Tether was passed along to several other exchanges.
Although they stressed that the report is not conclusive and can’t confirm price manipulation, it has unsurprisingly received global media attention.
