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Bitcoin prices gained $300 in less than one minute August 22 in a leap the cryptocurrency community is broadly attributing to Hong Kong trading platform BitMEX going offline. Bitcoin Hits $6750 In Record Time Data from various price trackers confirms Bitcoin’s increase to $6750 occurred almost simultaneous as BitMEX began a period of scheduled maintenance. The maintenance ran from 0100 UTC to 0200 UTC Wednesday, during which time BTC/USD 0 0 hit a peak of $6850 before correcting to around $6680, where it has since remained. On Twitter, BitMEX said it had encountered additional problems with its login process, as well as a DDoS attack which had delayed the full restoration of its platform’s functionality. Major trading platforms have been indirectly at the heart of the controversy over sudden Bitcoin price moves before. Earlier this month, settling of futures contracts on Chinese exchange OKEx sparked alarm after executives reported manipulative behavior close to the settlem...

Key Points Bitcoin price gained bullish momentum and surged above the $6,480 and $6,550 resistances against the US Dollar. Yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair traded above the $6,900 and is currently correcting lower towards key supports. Bitcoin price broke key resistance at $6,550 against the US Dollar. BTC/USD is back in a bullish zone with a close above the $6,620 high. Bitcoin Price Analysis Yesterday, we discussed a few important hurdles near $6,550 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $6,400 level and later surged higher. The price started an upward move and cleared the $6,480 and $6,550 resistance levels. Moreover, there was a break above the last swing high at $6,620 and the 100 hourly simple moving average. During the upside, yesterday’s highlighted key bearish trend line was breached with res...

Key Points Bitcoin price declined and tested the $6,200-6,220 support area against the US Dollar. There is a major bearish trend line forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently correcting higher, but it could struggle to move past $6,480 and $6,500. Bitcoin price failed to move above $6,600 recently and declined against the US Dollar. BTC/USD is recovering, but it may possibly continue to face sellers near $6,480. Bitcoin Price Analysis There was yet another failure near the $6,550 resistance in bitcoin price against the US Dollar. The BTC/USD pair topped at $6,549 and started a downside move. It broke the $6,350 and $6,300 support levels. It traded close to the $6,200 where buyers appeared and defended more losses. A low was formed at $6,222 before the price started an upward move. The price recovered above $6,300 and the 38.2% Fib retracement level of the last decline from the $6,549 high to $6...

The interest of Wall Street firms towards opportunities in crypto custody and asset management has continued to increase despite the 80 percent correction the market experienced in 2018. Sanford C. Bernstein & Co. analysts refuted recent reports about the struggle of cryptocurrency exchanges and stated that digital asset trading platforms have been recording solid volumes, generating large revenues. The analysts added that the strong performance of cryptocurrency trading platforms in a bear market or a downtrend led the demand for crypto from Wall Street firms to increase. “As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts told Bloomberg. Will Banks Join the Crypto Sector? Already, some of the world’s largest banks including Goldman Sachs and JPMorgan have disclosed their ongoing initiatives to serve clients interested in cryptocurrencies as an asset class. In June, David Solomon, th...

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range. Bitcoin Price Market Overview Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode ” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies. Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin. It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded fu...

Key Points Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar. There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways. Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC/USD is correcting lower and it could test the $6,275 and $6,188 supports. Bitcoin Price Range Trading This past week, there was a nice upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level. Ther...

Key Points Bitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar. There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined. Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400. Bitcoin Price Analysis Yesterday, we discussed positive moves above $6,350 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher, broke the $6,400 and $6,550 resistance levels, but it failed to retain gains. There was a failure near the last swing high at $6,640-50. The price was rejected and it seems like it was an unsuccessful attempt to break the $6,550 resistance. A fresh bearish wave initiated and the price declined below the 23.6...

Key Points Bitcoin price recovered nicely after trading as low as $5,894 and moved above $6,200 against the US Dollar. There is a new connecting bullish trend line forming with support at $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $6,550 resistance zone as long as it is above the $6,150 level. Bitcoin price rebounded more than $300 from lows against the US Dollar. However, BTC/USD is facing many resistances near $6,450 and $6,550. Bitcoin Price Analysis Recently, we saw a downside push in bitcoin price below the $6,000 support against the US Dollar. The BTC/USD pair traded to a new monthly low at $5,894 and later it started an upward correction. Tt recovered nicely and moved above the $6,200 resistance zone. The price even broke the 50% Fib retracement level of the last key downside move from the $6,550 swing high to $5,900 swing low. It opened the doors for more gains and the price settled above the $6,200 level plus ...

The cryptocurrency market attain a nine-month low since November 2017, as a huge sell-off is triggered in Bitcoin and altcoins. The Digital Currency market has made a new low for 2018 today as the overall market valuations have dropped below $200 billion. The market is reeling under a heavy selling pressure as over $25 billion have been wiped off the market in the last 24-hours. Bitcoin has lost nearly 7% in the last 24-hours as the world’s largest digital currency dipped below $6000 mark, momentarily, before finally recovering back. As per the global charts on CoinMarketCap, the cryptocurrency market has dipped to a low of $189 billion which is the lowest in the last nine months since November 2017. However, today’s price fall in Bitcoin is relatively low in comparison to other altcoins which have been the major reason for the huge slump in the market valuations. Data on the CoinMarketCap shows that except the Bitcoin, almost all the other top-twenty cryptocurrencies have ...

The Turkish lira has fallen by 50 percent since September 2017, from $0.3 USD to $0.15 USD. While Bitcoin has fallen more than the lira in the past 12 months, investors of Bitcoin  still are capable to withdraw and cash out their investments in crypto . Strict Capital Controls Currently, the price of the Turkish lira against the US dollar is hovering at around $0.15. But, similar to the Venezuelan bolivar, the value of the lira is difficult to justify given that as of now, it is not possible for merchants, businesses, and individuals to exchange their holdings in lira to other foreign currencies. The value of an asset and currency is subjective and as a currency, the value of the lira is largely affected by its capability of operating as a medium of exchange. If the lira cannot be exchanged to other foreign currencies, not only is it hard to justify the value of lira at the current price range, but it is difficult to give a valuation to the lira. On Friday last week, US Presi...

A crypto millionaire from Finland has lost more than 5,500 bitcoins due to a scam in Thailand. A famous Thai film actor is accused of having been involved. As you know, one of the marketing tools aimed at promotion of some products and services presupposes engagement of celebrities, whose reputation and image helps to draw public’s attention to this or that product. While the crypto market is continuing its rapid growth and development, more and more celebrities are joining the rows of crypto supporters and role models. Nevertheless, for a famous Thai actor his work with cryptos resulted into police intervention. As it has been informed by the Thai media, Jiratpisit Jaravijit, also known as Boom, was arrested after allegations of his involvement in a money laundering scheme with Bitcoin. As a result of such a scam, a Finnish man lost $34 million. In June 2017, the 22-year-old crypto millionaire from Finland became a victim of a scam scheme in which the actor and some other intr...

Key Points Bitcoin price is slowly recovering slowly and steadily above the $6,100 level against the US Dollar. There was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $6,100 level to stay in the positive zone and recover higher. Bitcoin price declined heavily below $6,500 against the US Dollar. BTC/USD found support near $6,000 and is currently attempting an upside correction. Bitcoin Price Resistance This past week, there were heavy losses in bitcoin price from well above the $7,100 level against the US Dollar. The BTC/USD pair fell and broke many supports like $7,000, $6,830, $6,500 and $6,200. The price tested the $6,000 support zone where buyers appeared. A low was formed at $5,982 and later the price started an upside correction towards the $6,500 level. It broke the 23.6% Fib retracement level of the last major drop from the $7,155 high to $5,982 low. Mor...