Monday, February 12, 2018

Will Bitcoin still hold its place on the market ? :


Last month, a strong impression of falling below $ 10,000 arouses the interests of cryptocurrency users. Bitcoin is one of the most affected by this sudden change in the exchange rate by consolidating a dangerous symmetrical triangle structure.

A well-established observation
An asset under a well-defined threshold is certainly more likely to increase its trend beyond its limits. In the case of Bitcoin, it reached the value of $ 10,000, a phenomenon observed after a decline in its price. His chances of falling lower are put on hold. This trend was noticed in several cases that have been confirmed by the example of the S & P500 course in recent weeks. A few days later, Bitcoin went down to $ 6,000.

Newsflow Affirmation
Newsflow has seen failures of several cryptocurrency cases these days. In its report, Coincheck appears in the first list. In fact, this platform of Japanese origin was dethroned worth up to $ 400 million. He also discovered Bitfinex's pot of roses that artificially increased Bitcoin prices through Tether, the CEO of Bitfinex and Tether being the same. Most troubling in this case is Tether's abrupt break-up of business ties with his well-known audit firm Friedman LLP just prior to its downfall in the company's accounts. This conflict of interest and manipulation led to widespread panic in the cryptocurrency market. As a result, provisions for these cryptocurrencies have been made by many authorities. Currently, China blocks its doors on exchanges based on these famous cryptocurrencies. In the United States, the US regulator has asked Congress to monitor trading platforms based on this type of virtual currency. The Lloyds bank of British origin recently banned the purchase of bitcoins via credit card. US banks such as Bank of America ML have established restrictive measures regarding these cryptocurrencies.

A rebound of Bitcoin?

This fall of Bitcoin to $ 6,000 is very hard and especially heavy because at a certain time, its course exceeded $ 20,000. Technically, after a very sudden fall like this, a bouncing phenomenon is on hold.
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