Market Manipulation, Bots or Normal Market Development?
The price of Bitcoin has plunged profoundly and naturally people wonder how that came about. People on reddit speculate that whales are manipulating the market. However, as of now, there is no evidence for that. Strong sell walls could also come from investors that bought at the all-time high or from miners that have to realize profits after a long bear market. In our next technical analysis we will look for reasons for the plunge and try to figure out possibilties and probabilities of the next market move.
New York Judge Rules Tether Cannot Accomodate Bitfinex
The New York Attorney has ruled that Tether is not allowed to accommodate Bitfinex or any related entity. The sentence remains active as long as Tether has not provided documentation over its accomodations to Bitfinex. The sentence is a consequence of a previous ruling that froze Bitfinex’s accounts. Due to this, Bitfinex is currently not able to conduct the payouts of its customers. Both Tether and Bitfinex have already declared that will object to the ruling.
Coin Metrics: Ripple Released More XRP Than Stated in Reports
According to a report by Coin Metrics, Ripple has released more XRP from escrow than officially stated in public reports. The on-chain data shows, supposedly, a difference of about 200 million XRP compared to the official numbers from Ripple’s reports for Q4 2018 and Q1 2019. Ripple has not yet given an official statement to the allegations.
Bithumb Global Finally Announces Launch of the Global Exchange Platform
Finally, Bithumb global has announced the official launch of its global exchange platform. Many experts have been waiting for the official launch with rumours that it will be more reliable and secure than the conventional exchange platforms. The global Bithumb exchange will be available in fifteen countries including Japan, Canada, Australia, and the United Kingdom. This means that cryptocurrency traders who have been disappointed in other platform can shift to this new platform and get value for money.
Bitcoin Prices Plunge after Trading Above $8,000 for Less Than a Day
Over the last couple of weeks, Bitcoin price has been increasing steadily and thousands of traders moved with speed to capitalize on this bullrun. However, the prices drop from above $8,000 to $7,215 in less than one day. Notably, the cryptocurrency only traded above $8K for less than a day. The 10.1% drop in price in less than 24 hours is one of the largest drops in such a short span of time. As mentioned earlier, price of bitcoin has a direct impact on the rate at which other cryptocurrencies trade globally.