Bitcoin's Might Begin Experiencing A Downward Trend As Indicators Show
BTC’s loss of value is an indicator that the trend may continue for some time. The cryptocurrency has shown bearish characteristics this month.
Bitcoin may experience difficult times in future. This pointer is dangerous as it might scare potential investors in the market. They will be discouraged from investing in this type of market. The ADX index shows it had reached its lowest point.
BTC support level is $ 6,000. However, it has been trading within the range of $ 6,400 to $ 6,800 for the past few weeks.
The Cryptocurrency decreased in value by over 5% in less than a minute. It dropped by a margin of around $300. It has begun regaining its value after a 24 hour period. During this period, it began experiencing an upward trend, thus changing its value to $6,270.
Bitcoin's Value In The Previous Two Weeks
A significant drop in bitcoin’s price was witnessed this week. This decline has been there for some time since it started in February.
Bloomberg suggested that if there was an improvement in the market, he would anticipate for a recovery. Two reports were issued regarding this issue. One report suggested that bitcoin whales were stabilizing the market. Besides, another by juniper research indicated that crypto market was collapsing.
Miners earned a whopping $ 4.7 billion in revenue this year. Robert Sluymer advised the stockholders to learn more about bitcoins as they wait for an improvement. Apart from bitcoin, other cryptocurrencies like XRP token are also recovering. It dropped from $0.6 previously to $ 0.423 after two weeks. However, it increased by 3.4% in 24 hours.
Some cryptocurrencies such as ZRX and Pro. Lite coin experienced an upward trend. The two recorded percentages of 16% and 1.6% respectively.
Other cryptocurrencies also experienced a drop in price. Some of these currencies comprise of Ethereum, bitcoin cash, EOS and zcash. They dropped by 1.47%, 0.37%, 2% and 1.71% respectively.
SpankChain Recovers ETH From An Intruder
On 11 this month, The Corporation announced that it recovered ETH from an attacker. The corporation did not lose money during that incident. The same organization disclosed that it was spanked on Tuesday. On Saturday, the company lost $38,000 to an intruder.
The company noticed that the attacker misused reentrancy bug to commit crime. The company wants to audit its disbursement channel and correct it to avoid similar scenarios in future. The review might cost the entity from $30,000 to $50,000. The company’s CEO has already talked with the hacker via phone and reached a deal.