Bitcoin News And Price Analysis: Speculative Suspicion of Bitcoin Price Manipulation. Saturday, August 11
Important Bitcoin News
Bitcoin May Be “Permanently Impaired” Say researcher
Jeff DeGraaf, who is the head of technical research at the Renaissance Macro Research, has said that the recent Bitcoin price movement may be an indication that the cryptocurrency has been “permanently impaired”.
DeGraaf who has received accolades in the past for his predictions and interpretation of market events also said that it may be “game over” for the coin. He maintained that the parabolic movement of Bitcoin price is dangerous for short sellers.
Speculative Suspicion of Bitcoin Price Manipulation
Since January, the price of Bitcoin has been moving between $6000 to $10,000 and has recently started raising suspicion among conspiracy theorists that the coin may be manipulated by outside influences.
The fact that the price drops are usually more pronounced after important news affecting the coin such as the SEC postponement of decisions over the Bitcoin ETF has continued to fuel the market manipulation rumor.
Bitcoin Sell-off Slows As Coin Defends $6000
Bitcoin has had a tough market this week as the SEC announced that it has no intention to take prompt action on the proposed bitcoin ETF. The coin fell 26 percent from a high of $8,507 on Wednesday trading at $6,121, a three week low compared to the July 24 high.
The expectations were high that the premier coin will gain traction necessary to hit the bulls once more but a massive sell-offs has had the consequence of ensuring that the bulls stand no chance of making a comeback in the short term.
Bitcoin exhibited the classic coin volatility with the loss of 13 percent of its value in just 48 hours after the news broke that the VanEck SolidX Bitcoin Trust fate is still some time to be decided.
However, technical analysis are showing that the sell-offs are slowing and that a minor correction may be imminent. Bitcoin seems ready to defend the $6000 mark, indicating that the bears have weakened considerably.
BTC/USD Price Chart, Saturday August 11th:
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
The real Bitcoin is Bitcoin Cash, according to “Geohot” - Bitcoin Cash
Bitcoin’s Maturity And Low Volatility Goes Out The Window — BTC Going Down, Price Analysis
Bitcoin Price Analysis: What To Expect In The Next Couple Of Weeks - TokenTops
Bitcoin Experiences Price Spike of $400 in 20 minutes. Bitcoin News, BTC Price Chart. Wednesday, August 22nd
Bitcoin News and BTC Price Analysis: Bitcoin unable to Break the $6650 Resistance Barrier. Saturday, August 19
Top Cryptocurrency Price Analysis: BTC Slowly Recovers After This Week Lows. Friday, August 17
You need to login to create comments.