The cryptocurrency market has felt the claws of the bears in the last 24 hours with the top cryptocurrencies losing their footing to the bears’ grip. However, Waltonchain (WTC) seems to defy the market pressure and is appreciating despite the…
Its Thursday evening and you are back at it again staring at the charts. You are sitting there pondering to yourself, why is the price dropping again and why did I go all in at $15,000. At the time of…
Bitcoin’s meteoric price spikes in 2017 were fueled by market manipulation and not merely investor enthusiasm. That’s the conclusion of University of Texas finance professor John Griffin.In his 66-page research paper entitled Is Bitcoin Really Un-Tethered?, Griffin said at least 50 percent of the increase in bitcoin prices in 2017 was manipulated using tether, another cryptocurrency pegged to the U.S. dollar.Professor Griffin, who specializes in spotting financial fraud, said circumstantial evidence suggests there was coordinated price manipulation designed to keep bitcoin prices artificially high.
Bitcoin’s plunge back below $9,000 has the cryptocurrency facing a dreaded death cross. This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis. As the name implies, it’s considered a bearish development.
This would be the first death cross for Bitcoin since 2015.
To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.
BTC Monday Market Analysis
Bitcoin Cash price failed to gain enough momentum to propel it above $720 but instead embarked on a downside movement only to find support at $680 level. BCH/USD is currently gaining traction towards $700 level; however, there is a growing resistance at $695 zone.
In other news related to Bitcoin Cash, there is an ongoing P2P electronic cash-to-food system in Venezuela dubbed “eat BCH” that is revolutionizing charity and feeding the needy. The program is organized by a group of like-minded individuals and has been getting a lot of BCH to go towards feeding the citizens and their children.
Ripple is somewhat undervalued from the longer-term perspective as the cryptocurrency lost over 70% since the beginning of the year without clear fundamental reasons for the massive sell-off. This may lead to a more pronounced rebound, once the cryptocurrency market starts recovering from recent lows.
Ripple Network boasts about numerous partnership deals with payment operators, big banks, and financial institutions especially in the emerging markets, but the crypto players mostly don’t care. The market is driven by global catalysts and closely correlated to Bitcoin movements. It means that Ripple has good upside potential, but it won’t have a chance to realize it until the global sentiment shift takes place.