My thoughts on what happened with the bitcoin price this week. I had recently covered a blog post at bitlanders covered here on why I thought the price had gone up. Closing comments were that we can see a drop if and when the sell comes.
Bitcoin Price touched the highs of 2015 by hitting $500 plus at the same time major exchanges were hit by a DDOS attack followed by arbitrage opportunities which caused a bit of concern since the transaction volume of bitcoin took a jump. As such bitcoin transactions started getting delayed to from 3 to 6 hours. Major trading platforms in China saw volumes as large as 2000000 btc in 24 hours. I guess for a person who had just gotten into this it was very shocking and exciting time but as the experts will tell you this has always happened to bitcoin. I do advise all the new investors to weigh the pros and cons of btc first, as its not just about making money on the short term.
In the News:
Bitcoin price had received great news that kept the buy pressure up. One was by Bloomberg which advised to keep an eye on btc, which was later(2 days) followed by research by CNBC which stated that bitcoin will become the 6th largest reserve currency by default at current pace by the year 2030. This was seen by large as a very positive sign and the buying continued.
The above aspects saw the rise all the way upto $500+ before the dumping began. The pull also must have created panic selling orders followed by bots going into sell mode as I mentioned in the blog and therefore saw a fall in price of btc to $360. While predicting the next wave is very difficult we are now seeing a more controlled rate around $380 to $404.
Where will the piece go next:
I am no expert at predicting prices however for traders I suggest sticking with intra-day trades rather then looking to make it big in overnight bull runs. Additionally articles are covered online at our main news site http://www.newsbtc.com and for all other news regarding litcoin dogecoin or bitcoin you can check out http://pk.newsbtc.com where we try to cover everything in Urdu plus cover Pakistan related news about bitcoin in Pakistan