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BITCOIN HITS LOWEST IN 2018; FALLS BELOW $6,000:
Bitcoin crashed to a low of $5,787 on Sunday afternoon, mildly recovering to $6,131 on Monday morning. But crypto traders were optimistic on Monday when the digital coin bounced back — albeit just slightly — to around $6,254 Monday 5:30 p.m. ET. “pretty good right now” if investors are thinking short term, Most people that are going to wait for lower prices will end up paying higher prices than they are today.
Post-October last year, Bitcoin rallied in a way that shocked the world. From the modest $4,000 price, Bitcoin surged past $19,000 in just two months. But soon, the fall began and now the most popular cryptocurrency has fallen to below $6,000, lowest in 2018. Bitcoin crashed to a low of $5,787 on Sunday afternoon, mildly recovering to $6,131 on Monday morning. There could be many reasons for the fall in Bitcoin — tax selloffs, higher regulations or ban in many countries, multiple hackings et all.
All that apart, the Federal Reserve of San Francisco last month said that the Bitcoin crash could be attributed to Bitcoin Futures. “The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence,” the report ‘How Futures Trading Changed Bitcoin Prices’ said.
Founded by an unknown person or a group of persons Satoshi Nakamoto in 2009, Bitcoin remained within $4000 until mid-2017, when it increased exponentially for about 10 months. “This explosive growth ended on December 17, 2017, when bitcoin reached its peak price of $19,511. Notably, these dynamics aren’t driven by overall market fluctuations,” the report said.
However, crypto traders have not abandoned the idea yet. “This is not the funeral for bitcoin whatsoever,” Brian Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies told CNBC. He added that as compared to last year’s price of $2, 500, Bitcoin is still at a higher level.
Bitcoin is a type of cryptocurrency, a digital currency which uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds. It is like the money, with no physical presence but a series of codes. Bitcoin is traded on exchanges using the blockchain technology. The blockchain is a digital and public ledger through which transactions made in digital currencies are recorded chronologically and publicly.
TRADE SUGGESTIONS: (SHORT TERM)
BUY AT: 6185.81, TAKE PROFIT AT: 6220.98, STOP LOSS AT: 6169.32