Bitcoin: “Bloody Sunday” market worth almost $50 billion

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“Bloody Sunday” cryptocurrency market worth almost$50 billion in market capitalization in one day it dropped from $340 billion to $290 billion in minimum point. As of Tuesday, June 12, the total market capitalization is back to $300 billion of the Reference Bitcoin (BTC) has grown in the last 24 hours on 1% and is trading around $6,900. Technical analysis could foresee that after breaking the support level at $7,080, the fall will be deep and intense, but that did not happen.
The current drop was a surprise to me that the reason that caused it was not so significant: robbed of $37 million to the South Korean stock exchange Coinrail in ranking CoinMarketCap is “honorable” 90 the place with the volume of daily trading of $2 million.
Most likely, the fear caused by the news about the “mysterious Asian bitcoin whale” with the sixth largest purse on 94,000 BTC, which brought on the exchange Huobi BTC 8,000 with a clear purpose to sell. The news about the sale of bitcoins in recent times particularly fierce panic.
The rate of bitcoin trading since the beginning of the year within the descending triangle, the important round which is support area near $6500. Rate finds some support near this level for the last couple of days. However, the possibility of testing lower levels. A move below will be a strong technical signal to sell, but until bitcoin is trading above this level, the more likely rebound in the $8000-9000.
It is worth noting that bitcoin is largely influenced by a major manufacturer of equipment for mining company Bitmain. On the other hand, a prominent crypto speakers actively speculate in the “carrot-stick”, causing the rest to panic. It seems that the dreams of decentralization ended the monopoly of computing power on the one hand, and monopoly of cash flows for another.
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Alexander Kuptsikevich,
Financial analyst,
FxPro