Monday, 11 June 2018
Massive bitcoin drop sent quotes down to the level of $6700
The cryptocurrency market recorded a decline of more than $25 billion in almost an hour, when on Sunday, June 10, a sharp bitcoin sale-off was recorded in the thin market. Last Friday's trading ended at $7625 for one digital coin, while the Asian session on Monday met the market at $6700. We can search for the reason of the decline in technical factors or explain the current decline due to near market factors, but it seems that the market has dropped for a simple reason: a drop in volume and demand.
Since last week, despite some market stability - when for a two weeks quotes were in a tight range, that is something unusual for crypto market, and amid optimistic short and medium-term outlook, bitcoin could not overcome the resistance at $7700. Many indicators, including MACD, moving averages and RSI, demonstrated an optimistic short-term trend, and in general markets lived positive expectations.
However, there is always one simple rule in the market - if the market can not grow, it will decline sooner or later. In the case of bitcoin, we mentioned one alarming detail: the daily trading volume of bitcoin made up only half of its volume in late April and early May 2018. Demand from investors has decreased significantly and this led to a minimum volume of trading.
Most traders and analysts explain the short-term price drop by hacking into the Coinrail exchange in South Korea, which led to a loss of $40 million. Coinrail is a small-scale cryptocurrency exchange in South Korea. The majority of traders use three crypto exchange Bithumb, UPbit and Korbit, because they are more reliable than small crypto-exchanges.
However, it is premature to claim that the break-in of Coinrail resulted in the price dropping by 10 percent per day, Coinrail accounts just for 5 percent of South Korea trading volumes. In general, this is less than 0.1 percent of the global volume of trade in crypto-currencies.
Blog Archive
- August ( 1 )
- July ( 1 )
- June ( 7 )
- May ( 2 )
- April ( 2 )
- March ( 5 )
- February ( 8 )
- January ( 14 )
- December ( 3 )
- November ( 11 )
- October ( 10 )
- September ( 4 )
- August ( 10 )
- July ( 3 )
- June ( 5 )
- May ( 12 )
- April ( 12 )
- March ( 38 )
- February ( 34 )
- January ( 36 )
- December ( 16 )
- November ( 36 )
- October ( 27 )
- September ( 34 )
- August ( 58 )
- July ( 58 )
- June ( 35 )
- May ( 92 )
- April ( 69 )
- March ( 69 )
- February ( 63 )
- January ( 48 )
- December ( 27 )
- November ( 78 )
- October ( 104 )
- September ( 113 )
- August ( 119 )
- July ( 53 )
- June ( 107 )
- May ( 49 )
- April ( 53 )
- March ( 54 )
- February ( 46 )
- September ( 1 )
- August ( 24 )
- October ( 4 )
- September ( 6 )
- August ( 3 )
- July ( 6 )
- June ( 3 )
- May ( 1 )
- April ( 1 )
- March ( 6 )
- February ( 4 )
- January ( 4 )
- December ( 4 )
- November ( 4 )
- October ( 3 )
Labels
- what’s next ( 553 )
- trading signals ( 230 )
- Wall Street ( 197 )
- Crypto ( 174 )
- this is interesting ( 162 )
- company news ( 93 )
- motivation ( 78 )
- weekly outlook ( 64 )
- trading tips ( 52 )
- fundamental review ( 48 )
- politics ( 45 )
- about us ( 43 )
- success tips ( 34 )
- promotion ( 32 )
- Buy ( 14 )
- sell ( 13 )
- how to ( 12 )
- Bonus.Welcome Bonus ( 10 )
- Bonus ( 8 )
- Equities ( 8 )
- RateBattle ( 8 )
- technical analysis ( 8 )
- gold ( 7 )
- stocks ( 7 )
- no deposit bonus ( 6 )
- deposit bonus ( 3 )
- Cash4Signal ( 2 )
- Contest ( 2 )
- Welcome Bonus ( 2 )
- 10% cashback ( 1 )
- Weekly trading ( 1 )
- Weekly trading statistics ( 1 )
- no deposit bonus! ( 1 )
© Fort Financial Services - EN 2017 .
s for sharing the article, and more importantly, your personal experience mindfully using our emotions as data about our inner state and knowing when it’s better to de-escalate by taking a time out are great tools. Appreciate you reading and sharing your story since I can certainly relate and I think others can to
ReplyDeletehttps://shareit.onl/
and more importantly, your personal experience mindfully using our emotions as data about our inner state and knowing when it’s better to de-escalate by taking a time out are great tools. Appreciate you reading and sharing your story since I can certainly relate and I think mxplayer.pro/
ReplyDelete