Bitcoin continued Thursday the decline of the last days of trading. Early in the morning, the price on the Bitstamp trading platform fell back below $ 10,000. In the morning, Bitcoin traded at $ 9680, down nearly 5% from the previous night.
Since the beginning of the week, Bitcoin is down and lost about 15% of its value. It has recently fallen below the 50-day GD line and is now moving towards the 20-week moving average of $ 8,360.
In June, the price of bitcoins reached nearly $ 14,000, its highest level since the beginning of 2018, falling to around $ 9,000 at the end of July. The record was reached at the end of 2017 with just under 20,000 USD.
"Bitcoin has been well into the past few days," said Christian Henke, an analyst at igmarkets. In his opinion, the technical situation of the cards has recently deteriorated considerably.
In addition, losses in bitcoins are considered in the context of the general liquidation of financial markets during the last trading days. "Investors have obviously been hit by the biggest losses in the global stock markets," commented analyst Emden Emmen Research's Timo Emden. He believes that the general slowdown in financial markets at Bitcoin has led to an increase in profit-taking.
Sale of captured BTC
On Twitter, the assumption is that the team behind the Chinese Plus Token project, now seen as a large-scale pyramid scheme whose operators would have cheated investors with more than $ 3 billion, sells its captured BTC . They would have captured 70,000 bitcoins at a current value of $ 700 million.
It remains to be seen whether this sale is responsible for falling prices, as most major cryptographic exchanges indicated that they were blocking the portfolios of the Plus Token project. The transparency of the blockchain makes it possible to understand where the scams are found in the scam and where the appropriate measures are taken by the stock exchanges.
OnVista Editorial / AFX
Cover photo: Wit Olzewski / Shutterstock.com