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The prices of bitcoins have risen today as a result of a massive sale. Credit: Getty Royalty Free
Bitcoin prices rebounded today, hovering around $ 7,000 and reached their highest level in a month after markets reacted to concerns about tethering.
The value of bitcoin reached $ 6,960.98 today, according to the BPI (CoinDesk Bitcoin Price Index), its highest level since September 5.
At this point, the digital currency had risen by more than 10% over the past 24 hours and was trading at a six-week high.
This outbreak contrasted with Bitcoin's recent malaise, as cryptocurrency volatility fell to its lowest level in 2018 earlier this month.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]Panic of attachment
Bitcoin prices jumped earlier in the day, pushing markets higher after markets reacted to a sell-off, a digital currency based on the US dollar.
At the time of writing these lines, the top 10 cryptocurrencies listed on CoinMarketCap were up in the last 24 hours, with the exception of Tether.
Traders often use lanyard to buy other digital currencies, and a drop in longevity prices would likely indicate that these market players are fleeing the stable currency.
One particular stock market that has felt the impact of this massive selloff has been Bitfinex, where the price premium for bitcoin has hit an all-time high of more than 11%, according to CryptoGlobe.
This premium shows how much the links affect bitcoin, said Marouane Garcon, general manager of the crypto-crypto derivatives platform Amulet.
"People have to get out of Tether and they probably do it with bitcoin," he said. "It's the most liquid tether."
FOMO
The rise in bitcoin prices triggered FOMO (Fear Of Missing Out), motivating traders to cram for digital currency, analysts said.
"Tit has certainly sparked a momentum of purchase, "said Charles Hayter, Co-Founder and CEO of the Digital Currency Data Platform CryptoCompare.
Garcon offered a similar point of view.
"I think people are slowly starting to understand that Bitcoin is still the most reliable thing to invest in, "he said.
"If Tether continues to spiral, people expect Bitcoin to come together and nobody wants to miss a Bitcoin rally after January."
Build strong support
Although bitcoin can record sharp price increases, one thing is certain: the digital currency has increased its support to $ 6,000. After staying above this level for about two months, cryptocurrency has established a solid floor, said Jon Pearlstone, publisher of the newsletter CryptoPatterns.
"Bitcoin did a new level test of $ 6,000 last Thursday, but no follow-up was given to go below $ 6,000," he said.
"Add to this force the questions on Tether and this has created a high migration volume to Bitcoin."
In elaborating, he stated that:
"After testing the resistance around $ 7,000, the price is now consolidating around $ 6450, a key level throughout 2018".
"Although the fear of Tether may have motivated the current outbreak, staying above $ 6,000 is good news for the bulls and could lead to higher prices."
Disclosure: I own bitcoins, bitcoins and ether.
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The prices of bitcoins have risen today as a result of a massive sale. Credit: Getty Royalty Free
Bitcoin prices rebounded today, hovering around $ 7,000 and reached their highest level in a month after markets reacted to concerns about tethering.
The value of bitcoin reached $ 6,960.98 today, according to the BPI (CoinDesk Bitcoin Price Index), its highest level since September 5.
At this point, the digital currency had risen by more than 10% over the past 24 hours and was trading at a six-week high.
This outbreak contrasted with Bitcoin's recent malaise, as cryptocurrency volatility fell to its lowest level in 2018 earlier this month.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]Panic of attachment
Bitcoin prices jumped earlier in the day, pushing markets higher after markets reacted to a sell-off, a digital currency based on the US dollar.
At the time of writing these lines, the top 10 cryptocurrencies listed on CoinMarketCap were up in the last 24 hours, with the exception of Tether.
Traders often use lanyard to buy other digital currencies, and a drop in longevity prices would likely indicate that these market players are fleeing the stable currency.
One particular stock market that has felt the impact of this massive selloff has been Bitfinex, where the price premium for bitcoin has hit an all-time high of more than 11%, according to CryptoGlobe.
This premium shows how much the links affect bitcoin, said Marouane Garcon, general manager of the crypto-crypto derivatives platform Amulet.
"People have to get out of Tether and they probably do it with bitcoin," he said. "It's the most liquid tether."
FOMO
The rise in bitcoin prices triggered FOMO (Fear Of Missing Out), motivating traders to cram for digital currency, analysts said.
"Tit has certainly sparked a momentum of purchase, "said Charles Hayter, Co-Founder and CEO of the Digital Currency Data Platform CryptoCompare.
Garcon offered a similar point of view.
"I think people are slowly starting to understand that Bitcoin is still the most reliable thing to invest in, "he said.
"If Tether continues to spiral, people expect Bitcoin to come together and nobody wants to miss a Bitcoin rally after January."
Build strong support
Although bitcoin can record sharp price increases, one thing is certain: the digital currency has increased its support to $ 6,000. After staying above this level for about two months, cryptocurrency has established a solid floor, said Jon Pearlstone, publisher of the newsletter CryptoPatterns.
"Bitcoin did a new level test of $ 6,000 last Thursday, but no follow-up was given to go below $ 6,000," he said.
"Add to this force the questions on Tether and this has created a high migration volume to Bitcoin."
In elaborating, he stated that:
"After testing the resistance around $ 7,000, the price is now consolidating around $ 6450, a key level throughout 2018".
"Although the fear of Tether may have motivated the current peak, staying above $ 6,000 is good news for the bulls and could lead to higher prices."
Disclosure: I own bitcoins, bitcoins and ether.
