The period of peaceful consolidation of bitcoin turned into an epic disaster. The rate has fallen to the April lows, while market capitalization fell by $16 billion, reaching $115 billion. Experts have called the cause.
According to analysts, the volatility of bitcoin has fallen to 52%, the lowest level since the beginning of 2018. The day bitcoin has lost 8% in value. Experts attribute the collapse of the cryptocurrency market with a major hacking of the South Korean stock exchange Coinrail, which is in the TOP 100 kryptomere trading volumes. Estimated amount of loss platform is more than $40 million. The exchange suspended trading, other assets at the time of audit moved to cold storage. On compensation for damages to the user while any statements from the leadership of the exchange has not been received.
The technical picture
The prognosis is not encouraging. Critical support for bitcoin is at the level of $6464. If the line is broken, the sale will continue until $6000. To get out of the bearish trend, the first cryptocurrency required a stable growth above the level of $8000. While the currency pair BTC/USD is limited to the 50-day moving average level of$7000 and 100-day on line $7280. The RSI indicates oversold, but other indicators predict a further drop.
Other cryptocurrencies too lost in the price from 6 to 15%. Total market capitalization decreased from 340 to 296 billion dollars.
Previously on this topic in the news:
01.06.2018: 4 myths about bitcoin, in which I believe even professors of Economics
Well-known British economist and honorary Professor at the University of Warwick Robert Skidelsky last week published an article urging people not to try to reinvent the wheel coin with bitcoin. However, cryptoanalysis not enthusiastic about reading material and say that Skidelsky stuck in the 20th century and believes in myths about bitcoin.
TOP 4 myths about bitcoin:
Cryptocurrency is a revolutionary idea, which is good because people can choose what to invest in. History shows that all the time, there was a power (government, Church, banks) that maintain a monopoly on currency. Now people have a choice between banks and decentralized monetary networkthat is not controlled by anyone.
21.05.2018: 5 factors that affect the price of bitcoin
The price of bitcoin has always had tremendous volatility. 2 months of 2017, the rate has increased by 223%, and just as easily fell by 60% in January-February 2018. What factors provoke the UPS and downs of the digital currency, and affect its value?
5 factors affecting the price of bitcoin:
Experts believe that due to the fact that a reduced amount of bitcoins will continue to grow demand for them. Many predict that by the end of 2018, the first cryptocurrency would cost $20 000.
18.05.2018: Bitcoin is no longer popular! China has made a rating of TOP 10 cryptocurrencies
China has published a ranking of the TOP 10 most popular cryptocurrencies. Digital assets were assessed according to 3 criteria: technology, innovation, application. The results are shocking: Bitcoin was not included even in the top ten.
Considered 28 of cryptocurrency, the rating is as follows:
Ripple the Chinese are not appreciated – it is set in 17th place, Litecoin – 21, Bitcoin Cash appropriated in 25th place. Closes rating token NEM. Bitcoin modestly housed in 13th place. For innovation, he was awarded the highest score, but the development of technology of “digital gold” has failed.
Recall what your rating was and the U.S. Agency Weiss Ratings, in this bitcoin also received a low rating.