Bitcoin (BTC) For $ 3,400: Crypto Analyst Looks To "Cockroach" News

Crypto Rebounds (Bit), Bitcoin (BTC) Still Under $ 3,500

Saying that the last 24 hours of the crypt has been chaotic will honestly put it quite easily. While Bitcoin (BTC) has recently undergone a little recovery to move over $ 3,400, the last day has seen the total value of all crypto curves between $ 100 billion and $ 115 billion. The $ 100 billion figure, seen for a few volatile minutes on Friday, has been promised as a "make or break" level for this growing industry as a whole.

This tumult, undoubtedly a concern for cryptos bulls, was supported by a $ 20 billion jaw release ($ 10 billion adjusted) in 24-hour volumes, coming directly after a relatively thin $ 1[ads1]4 billion on Thursday. Interestingly, Friday's action was supported by the highest daily volume in December so far.

Now, as always, let's talk about BTC, the asset that dictates the crypto's daily.

After yesterday's Ethereum World News market update, BTC continued to fall, reaching $ 3,300, a new year-to-date low. But after this perishable candle, the asset found expression of support and found itself around $ 3,300 in a matter of hours. And finally, in classic cryptocurrency fashion, the bitcoin took up, as soon as it came down, and moved to $ 3,500 in a few minutes.

While the digital asset is often regarded as the world's next "value value", "Stumbled after the flight, called the call called a" Bart "after Simpson's character, BTC has now recovered over $ 3,400, a apparent short-term support level. At the time of writing, BTC is valued at $ 3,450 per pop and adds a gain of 1.5% in the last 24 hours.

This move in Bitcoin catalysed a host of exciting actions in the Altercoin markets. Stablecoins, for example, so quickly an influx of buying press, as traders sought comfort among an apparently endless market downtrend. As noted by CoinDesk's Market Analysis Team, four Tether (USDT) competitors, TrueUSD, USD Coin and Paxos Standard came into the krypto Top 30 , and found a market share of ~ $ 190.

Interestingly, allcoins have undergone a stronger recovery than BTC. Ethereum (ETH), having fallen below $ 100 to $ 84, has now recovered to $ 96, and posted a 9.5% daily gain. EOS, Tron (TRX), NEM (XEM) and Monero (XMR) achieved similar results, which led to the Bitcoin Market dominance figure reaching 54%.

Crypto Analyst Attributts Sales to Cockroach-like News Cycle [19659002] Although BTC ran 5% of its low level, an analyst still painted a bearish image for crypto markets. Issue of a note to MarketWatch's Aaron Hankin, Naeem Aslam, Market Analyst at Think Markets UK, explained that BTC, with current momentum and technical indicators in mind, is "overridden" which can fall below $ 2000 to $ 1500 in due time.

Referring to the basis for this bearish prediction, Aslam highlighted the "bad news cycle" seen in the crypto industry, adding that such negative developments "come like cockroaches out of a hole." Such a development may be the SEC's recent judgment regarding the premier Bitcoin ETF application.

As previously reported by Ethereum World News, the SEC delayed its decision on VanEck-supported application for the very highest time, and in the middle of a cryptobar market no less. In a SEC-stamped document published Thursday afternoon, the government argued that it would exercise its right to postpone a verdict on the application until February 27, 2019.

Although the release of this document was not directly produced some red candles, such a decision probably native due to fear of naive investors. Speaking to Bloomberg about the impact of negative industry development, said Timothy Tam, CEO of CoinFi:

"Sentiment on the market [crypto] is really bad, some negative news has an exponential effect. "

Nevertheless, Think Market's representative still noted that Bitcoin and cryptocurrencies generally have groundbreaking potential, echo talks he made on CoinTelegraph TV. He stated:

This is a crypto market that has the ability to blow up and down is limited and the price of its current level represents an opportunity for life.

  Title Image Cou rtesy of Hektor Ehring Jeppesen via Flickr and Bitcongress 

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