Crypto Market has had a crazy week so far. The total market cap has gone down by 20% after being close to $420 billion last Sunday, to end up at $330 billion today. Bitcoin has lost 12% of its value in the last seven days and it is currently trading around $10,500.
This week’s downfall is not only due to the fact that Bitcoin had a hard time going past the $12,000 mark but also because of the fact that there have been some regulatory concerns coming from Asia. South Korean regulators have issued warnings about cryptocurrency trading and ICOs and Chinese media has been speaking about a possible shutdown for cryptocurrency mining operations in their country.
Bitcoin Shutting up: a blog about the bitcoin market
As you might know, I’m really passionate about crypto markets and I’ve been trading cryptocurrencies since 2016. I talk to my friends, relatives and even strangers on the street all day long about the future of cryptocurrencies and blockchain technology. Sometimes they listen to me but most of the time they just get bored and walk away. I decided to start this blog so I could write down my thoughts since no one seems interested in listening to me anymore!
This week in the crypto market – pump and dump cycle
This has been another great week for Bitcoin. It reached an all-time high of $49,000 and broke through the psychological barrier of $50,000 on Wednesday. However, it closed the day at $48,000 and the following days it lost around 10% to now be trading at $43,000.
All those who have bought Bitcoin before its latest rally are likely to be very relaxed because they will have made a profit. The same cannot be said about those who bought Bitcoin during its latest rally as they will likely be suffering losses.
The riskier way to make money in the crypto market is chasing rallies that may turn out to be bubbles. Most people do not know when a rally is over until they get their fingers burnt.
Welcome to a new episode of This Week in Crypto Market. A little bit of what happened this week in the crypto markets: Bitcoin and altcoins spent most of the week in a red sea. And then at the end, we saw some green which was very nice.
We’ve basically been in a red sea for about seven days now, not just Bitcoin but all the top 10 coins. There has been some massive pump and dumps, some big winners and there have been some massive losers too.
I’m always looking at what are the best trends, what are people talking about? What are people buying? So I like to look at that stuff on Twitter. And one thing that was really popular was this TRON coin – TRX. And it went from $0.025 per coin to $0.30 per coin in 48 hours, which is pretty insane! But, if you’ve noticed on Twitter everyone started going nuts, they were saying “Oh my God buy this coin right now! It’s going to be huge!” and so everyone jumped on board with it and sure enough it pumped up and then crashed back down again.
So it was a classic pump-and-dump scheme and as soon
It’s not a secret that the crypto market is extremely volatile, and trends can change within seconds. The whole ecosystem is driven by traders, and there are many of those who don’t care about the core technology or ideologies behind any currency – just the gains.
And some of them know exactly how to play the market. The last week was quite interesting in terms of pump&dump cycles. Here is a graph from Coinmarketcap.com which illustrates the trend:
As you can see, BCH was pumped several times on Nov 14th and 15th, while BCHABC somehow managed to keep its value stable (or even slightly decreasing). But what happened afterwards? The graph above shows it very clearly: BCHABC started gaining more volume, while BCHSV started losing it drastically.
This happens all the time, but over the last few weeks we have seen some really crazy movements on CoinMarketCap in terms of Volume and Price for altcoins with very low daily volume (under $1M), which could be entirely manipulated by one large investor or a group of people who coordinate
This week in crypto market was quite bullish. Bitcoin is currently trading at $5,000 and it had broken the $5,100 mark on Thursday. The recovery has been driven by a number of factors.
Bitcoin (BTC) is in best position to hit the $6,000 mark this year. The leading cryptocurrency continues to outperform most of its altcoin counterparts, but it’s still struggling to hold above the $5,000 level.
The price of BTC is up more than 10% on the day and more than 40% this month as buyers continue to gain control over the market. That said, sellers are ready to pounce once again if BTC fails to close above $5,500 this weekend.
Bitcoin (BTC) has been stuck in a tight trading range for the last few days between $9,500 and $10,200. The move was fueled by a combination of factors. First, there was a massive sell-off from miners who were dumping coins on exchanges to cover their costs, as the difficulty adjustment process is set to take place soon. Second, there was a lot of FUD regarding new regulations in China which have already been implemented in 2017. And last but not least, there’s a lack of buyers at current levels.
The situation with Bitcoin is similar to what we saw in late February – early March this year when BTC hit the $11k level before getting dumped back down below $9k. While it’s hard to predict what happens next, it’s likely we will see another test of the $9k support level before the next leg up begins.
Crypto Market Update
There’s nothing new to report on altcoins other than that they are still waiting for Bitcoin to break out from its current trading range before making any major moves. Ethereum (ETH) is still stuck below $200 but could make a run at this level if BTC breaks above $10k again. If it fails to
After the crypto-market crashes, the world’s biggest exchange, Binance, has announced their expansion plans in Malta. The company will be setting up their headquarters in the island country and according to their CEO, Changpeng Zhao (CZ), the decision was made due to Malta’s “crypto friendly regulatory environment.”
The move comes at a time when Japan and South Korea are taking a stricter approach towards crypto-trading businesses. Binance is currently under pressure from Japanese regulators after it failed to confirm its registration with Japan’s Financial Services Agency (FSA).
Binance is not alone in its relocation plans; other companies are also looking for more crypto friendly locations. The Hong Kong-based exchange Gatecoin has recently relocated to the European nation of Liechtenstein, which is also famed for its pro-crypto stance.
Earlier this month, Malta Prime Minister Joseph Muscat advocated for Bitcoin and blockchain technology during a speech at UN Headquarters in New York. He said that blockchain technology could make world economy more efficient since it “eliminates the need for intermediaries, resolv[es] disputes through automated processes and enforc[es] contracts through cryptographic trust.”