After suffering a drop at the start of the week, Bitcoin is back to its former levels, moving currently near $3,900. It seems that there was a surge in selling interest around Monday and Tuesday which tried to push the price downwards but the bulls stuck together and kept it floating. And judging from the current technical signals, Bitcoin’s value shouldn’t be dropping once again today.
One interesting observation from yesterday’s bearish wave was that while the entire cryptocurrency market suffered a loss of $5 billion when the majority of coins went down, there was one coin that experienced a reverse trend – Binance coin. As Forbes reports, this cryptocurrency actually saw a 16% jump over Monday and Tuesday, marking a total of 120% in gains since the start of the year.
According to market data, the coin has now outperformed Tron and Stellar to arrive at the eight spot on the list of top 10 cryptocurrencies by market capitalization. Moreover, the coin’s market cap has increased to $1,898,063,556, which is about $1 billion more since the beginning of the year. An impressive achievement, no doubt, but still far from its 2018 record of $2.4 billion.
Buying Mode Persists
For the most part of last week, Bitcoin remained steady, right until Monday when the market turned bearish and inflicted losses on the top 10 cryptocurrencies. The highest price point Bitcoin reached during the last seven days was just before midnight on Friday, when Bitcoin hit a value of $3,901.2, while the lowest point was reached on Monday afternoon, when Bitcoin briefly touched $3,744.14.
As the market charts show, the 24-hour trading volume also remained steady throughout this period, changing significantly only since Monday when it started climbing past $9 billion. As of this moment, the volume is over $10 million, signaling that there will probably be another price change, while the market capitalization is at $68.3 billion.
Our technical analysis shows that the market is in a buying mood, with 8 out of 12 technical oscillators and all 12 moving averages sending a “buy” signal. The SMA 100 is climbing over the SMA 200, announcing the formation of a resistance on the upward course. With the high trading volume and the overall bullish signals evident also on the short-term charts, it seems that Bitcoin will be going for another price push upwards. However, it’s still important to keep an eye out for any sharp movements, especially after Friday.
FBI Investigating Quadriga CX “Implosion”
According to Fortune magazine, the Federal Bureau of Investigation (FBI) has joined the Royal Canadian Mounted Police (RCMP) in investigating the “implosion” of Quadriga CX. If you remember from our previous updates, Quadriga CX is a Canadian exchange that lost $136 million in users’ money since its CEO Gerald Cotton passed away, taking the cold storage recovery keys with him.
Reportedly, the exchange is currently seeking protection from creditors with the courts in Canada while the FBI and the RCMP have already contacted the CEO of Kraken to help them determine what happened. This latest occurrence is only one in a number of twists in the Quadriga story which started a month after Cotton passed away, when the exchange revealed that it has lost access to the cryptocurrencies of their customers.
According to Kraken’s CEO, Jesse Powell, the missing funds may not have ended up in a cold wallet but a hot one, as the exchange’s blockchain analyses show. Kraken is therefore offering a $100,000 reward for any information that can help them unsolve the mystery of the disappearance of Quadriga’s crypto-fortune.