News

Bitcoin Price Goes Again Below $4K, Rebound Neglected

The bitcoin price went below the support line of $4K again, showing that the bear market is still in full force. Despite this, there were several interesting developments in the market. The two resulting currencies from the Bitcoin Cash Hard Fork suffered strange pumps during the day. However, they are now dumping hard, with losses in double digits.

Bitcoin Price Again Below $4K

The Bitcoin price has again taken a turn for the worst, shedding more than 6% and losing most of what it earned yesterday. Yesterday’s gains were classified by some traders as a correction. That means that the bear market was not over yet. And the numbers of today shows that they were right.
Bitcoin Price Goes Again Below $4K, Rebound Neglected
As in most cases, bitcoin prices dragged the whole cryptocurrency market down. Bitcoin Cash and BitcoinSV are dumping the gains that they achieved earlier.
Basically, the market has been moving down consistently, and it is expected to keep doing so. Bitpay CEO Sonny Singh thinks that bitcoin prices should be stable. This because there is nothing this year that can move the price up or down. So far that has not been true.

Hash Wars Finished, Pump Wars Started

But among this whole bearish panorama for the market, something that can be attributed to manipulations of the market happened. The two currencies that stater this whole downside trend with their hard fork pumped their prices enormously. Bitcoin Cash gained at a moment more than 25% in less than thirty minutes. Bitcoin SV, the other half of the fork, also pumped high.
Bitcoin Price Goes Again Below $4K, Rebound Neglected
These price movements are so irregular that can be attributed to some instability on the market, or the sign of some market manipulation by some interested party. However, able traders made some good benefit on this strange development, and are also currently from the subsequent dump.

Uncertainty Ahead

The good news is that every day there is a new movement in the market, and that is good for the trading business. According to Arthur Hayes, volatility is good because it moves things. However, while there is a kind of consensus that the bear market will follow, the instability caused by the hard fork makes the market unpredictable.
The fact that two currencies pumped against the market direction seem to indicate that this behavior could repeat throughout the day and even in this week while all exchanges open their deposits and withdrawals of these two coins again.

Related posts
EthereumEthereum NewsETHUSDethusdtNewsVitalik Buterin

Ethereum Just Minted The World’s Youngest Crypto Billionaire

Ethereum (ETH) just minted its 13th billionaire and he’s the youngest on the list.  Russian-born, Vitaliik Buterin is the latest to be inducted into the prestigious triple comma club by Forbes. The 27-year-old programmer and co-founder of Ethereum who was…
CBDCcryptocurrencyCryptocurrency Newsdigital currencyNews

World Central Banks Deliberate On The Future of Money

Think about it this way: “It would be a mistake to think the internet won’t do to money the same thing it’s done to communications. When was the last time you wrote a letter, as opposed to sending a mail,…
Bitcoin NewsbtcusdBTCUSDCBTCUSDTcryptocurrencyCryptocurrency NewsEthereum NewsETHUSDethusdtNewsxbtusd

S&P Dow Jones Indices Takes Bitcoin and Ethereum to the Trading Floors of Wall Street

S&P Dow Jones Indices, the leading investment benchmark and indices provider, has launched “S&P Cryptocurrency Indices” with an ambitious goal of bringing transparency to the ever-evolving cryptocurrency market. These indices will measure the performance of certain cryptocurrencies that meet specific…