Bitcoin Market Wrap Up 7/19 – 7/26: BTC & LTC Rebound, $300 incoming?
With a positive gain of around $20 this week, Bitcoin seems to be rebounding, perhaps for a potential break through the $300 barrier once again. The small bump in price is most likely associated with the positive news surrounding Gemini, the Bitcoin exchange in the making brought to you by the Winklevoss twins. If you haven’t heard yet, the Winklevoss twins have taken one step further to making Gemini a public exchange for the average trader. By submitting a New York trust application, which is required if they want to launch their exchange, Gemini is taking all the proper steps to be....
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Here is Bitcoinist’s Bitcoin Market Wrap. It is been a relatively quiet week for Bitcoin, market-wise. Bitcoin has only fluctuated a couple percentage points every day, with usually a net difference of 1-3% daily. If we take a look at more traditional investments, 1-3% of the variation is a lot, but for Bitcoin in its current state, that is pretty stable. If we take a look at those same “traditional investments” they are down as well. For example, oil is under $2 per gallon in most states in the US, silver is under $17 an ounce, and gold is down $30 today, same with platinum.
To wrap the Bitcoin market, and the cryptocurrency network, in general, into one word, I would use the word unexpected. We were seeing the small $1-$3 fluctuations in Bitcoin for the greater part of the week, then the price broke out into a bull run. No one without insider knowledge saw this coming and caught many people by surprise. While refreshing to see Bitcoin up 10% for the next three days, it was certainly unexpected. There was no corresponding “good news” that would cause traders to start buying Bitcoin, so the most reasonable explanation is market manipulation.
Here are two Ethereum metrics that are currently showing values that may lead to a rebound for the cryptocurrency’s price. Ethereum Could Rebound Off The Current Market FUD According to data from the on-chain analytics firm Santiment, the crowd seems to have started to bet against ETH in the past few days. There are two […]
This week we saw volatility that was a lot, even for the relatively unstable Bitcoin market. The week started at a low of $230, spiking all the way up to the $260 range that totals to a nearly 13% increase in price. Like many people expected, however, the price quickly fell back down and is currently hovering at just above $240, coinciding with the prediction I made in last week’s Market Wrap-Up. Despite all the turbulence in price Bitcoin has received this week, Bitcoin still ends the week with approximately 4.5% net gain.
Investment bank JPMorgan Chase has warned of a further bitcoin price decline, expecting an incoming bear market. The bank’s analysts look at the trend in bitcoin futures and see “an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors.” However, a number of people disagree with this analysis. JPMorgan Warns of Incoming Bear Market JPMorgan Chase analysts, led by Nikolaos Panigirtzoglou, warned of an incoming bitcoin bear market in a note to investors last week. The analysts looked at bitcoin futures which have been....