Bitcoin price had a wild ride in previous 24 hours in one of the most volatile days in the history of world’s largest crypto currency.
Bitcoin started the day by breaching $10000 mark for the first time on major US exchanges and was hovering around the $10000 mark during the start of the London session, things picked up later before the start of US session where Bitcoin started inching towards the $11000 mark, just as the US session started, price started shattering records by reaching the level of $11441 at major bitcoin exchange Bitfinex, and then price started falling down as just as we started believing that Bitcoin price is stabilizing, Price dropped $1000 in just few minutes to $10400, there was some buying again towards the $11000 mark, and as price hit the $11000 level second time, Bears came into the market and price dropped below the $10000 mark very quickly, but it didn’t stopped there as price went to as low as $9000 on Bitfinex, making one day move of $2400 in Bitcoin, although price recovered a bit in late US session and went above the $10000 mark, but as we write, Bitcoin is now at $9900 fighting bears to stay above $10000
Bitcoin is a wild ride
There is no doubt about the fact that Bitcoin is a wild ride and you must be prepared for heavy movements towards upside or downside, retail traders need to take a little extra care because they trade within day and 20% move in a single day can thrash any portfolio.
If we look at Bitcoin prices going forward, Bitcoin is poised to have an upside trend in future, in fact this correction has been a healthy sign for bulls to keep their belief intact in Bitcoin, so an upside trend is there and things will move in upward direction in coming weeks.
Crypto Market cap reached $275 billion
Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.
Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.
$7000 is a key level for Bitcoin
$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.
Switzerland merging Cryptocurrencies with conventional banking
Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .
Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.
Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: “We hope to clarify relationships by the end of the year at the latest.
“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Blockchain becoming the global phenomenon
The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.
Crypto market stabilizing gradually
Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.
Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.
Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.
Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.
Current top 5 crypto currencies
- Bitcoin : $9388
- Ethereum: $741
- Ripple: $0.83
- Bitcoin Cash: $1630
- EOS: $18.28
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