Cryptocurrency

31/05/19 05:40 UTC-4

Correction of the Bitcoin rate: rise to $9000 and a sharp drop

Correction of price. Bitcoin rose to $9,000 and quickly collapsed
Correction of price. Bitcoin rose to $9,000 and quickly collapsed

On May 30 and 31, the first cryptocurrency in terms of the capitalization level, Bitcoin, experienced high rate volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details
. The asset made a sharp breakthrough, rising above $9,000. After that, a stunning correction occurred with a drop in value to $8,500, according to the statistics.

 

Bitcoin rate: high volatility

The cost of the first cryptocurrency has experienced the peak of volatility. The cost of the digital gold soared to $9,000 in one moment, updating the annual record, and then fell by $500 in just a few hours.

Interesting in the section: Cryptocurrencies in Spain: what Spanish traders “google” and the development of crypto in the country

The possible reasons for the dramatic change in price could include information manipulations, first associated with Craig Wright and Bitcoin SV pumpPump & Dump
– is a manipulative gambling scheme with a view to making quick money. The essence of the scheme is an artificial increase in the exchange rate of the currency on the market, the stock exchange with its subsequent collapse, or vice versa: a collapse followed by a rise. Details
, and then with beta testing of the Binance Bitcoin credit platform.

Now, the Bitcoin rate has stabilized at around $8,313.66. Support lines moved a few positions down (to $8,172). At the same time, the resistance line also dropped to $8,398 (a few days ago, it was at the level of $9,000).

It was assumed that when the digital gold broke through the first line of resistance at $9,000, the price of the asset would start to grow rapidly towards the second line around $10,000. This did not happen, since yesterday’s growth was artificial; it was the result of market manipulation and misinformation.

Correction of the Bitcoin exchange rate, the currency soared to $9000 and sharply collapsed. Due to the manipulation of "pumping", the Bitcoin SV pump cost (according to the efficient market hypothesis) increased by more than 100% yesterday, setting an annual maximum.

Editor: Godfrid Brower

See also: "BlockFi crypto-credit company adds Gemini to its platform"

#Bitcoinrate #Bitcoincost #Bitcoincorrection #cryptocurrency

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