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Bitcoin Price Stabilizes at $6,700 as Cryptocurrency Market Slips

Bitcoin price steady


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On April 9, the bitcoin price recorded a minor drop from $7,100 to $6,700, by around 4 percent. The $400 drop in the bitcoin price was not expected by investors.

Bitcoin Fundamentals

Yesterday, various technical indicators and momentum oscillators pointed toward short-term stability for bitcoin. The relative strength index (RSI) and Williams’ Percent Range (WPR) demonstrated significantly oversold conditions, as the RSI neared 30 and WPR remained relatively high at 75 percent.

Despite the oversold condition in the bitcoin market, bears continued to push sell volumes across major cryptocurrency exchanges, leading bitcoin to record a slight drop in value. Traders were anticipating the $6,500 resistance level closely, as breaking that mark could have led the price of bitcoin to near the $6,000 mark.

The bitcoin price recorded a bounce at $6,610, rising by more than $100 and leaving the opportunity to recover back to the $8,000 region within April open.

Fundamentally, bitcoin remains strong, with increasing adoption in regions like the US, Japan, and South Korea. Institutional investors, who have not been interested in the cryptocurrency market throughout the entirety of 2017, have started to enter the cryptocurrency sector.

This week, it was revealed that $8 billionaire George Soros and his fund, Rockefeller family and its venture capital firm Venrock, and the Rothschild family have started to invest in the cryptocurrency sector. In an interview with Fortune, Venrock partner David Pakman stated that the family is interested in investing in the cryptocurrency space for long-term profits, not short-term gains.

“We wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects. There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. In fact, to us, it looks a little bit more like venture capital,” said Pakman.

Analysts and media outlets in the traditional finance sector have attempted to justify the recent price movement of bitcoin with irrelevant news such as Bank of America Merrill Lynch describing bitcoin as a bubble. However, bitcoin and the rest of the cryptocurrency market are not dependent on these events as much as they were in its early phase in 2013.

Four years ago, the comment of JPMorgan CEO Jamie Dimon on bitcoin led the price of the digital currency to fall by a significant margin. Since then, every imaginable financial institution and analyst have condemned bitcoin, and such statements no longer affect the price of bitcoin negatively.

Market Supply and Demand

The cryptocurrency exchange market is more liquid than most regional stock markets, and the market moves by supply and demand. Currently, the volumes on most major cryptocurrency exchanges are low, and the low volume is the primary reason behind the current bear cycle of the cryptocurrency market.

Once volumes begin to pick up as the over-the-counter (OTC) market continues to prosper, the price of cryptocurrencies will be able to recover.

Featured image from Shutterstock.

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Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong

The Bitcoin industry has allowed wealthy individuals to do some very unusual things. In most cases however, those developments will not make any media headlines. The literal fiat currency airdrop executed by Wong Ching Kit, a Bitcoin millionaire, will raise a lot of questions. It may be a positive sign for the struggling industry as well. A Fiat Currency Airdrop to Promote Bitcoin Those who invested in Bitcoin at a very early stage have made millions over and over again over the past few years. Especially if they managed to hold onto their BTC holdings until the all-time high of $19,500 was reached in late 2017. Whether or not Wong Ching Kit sold his holdings prior to that date will always remain in question. The end result is how this 24-year-old is a Bitcoin millionaire residing in Hong Kong. Over the years, he has amassed a significant portfolio and associated value accordingly. During these troublesome times for Bitcoin and other currencies, he decided to airdrop some money in the real world. Although airdrops are nothing new in the world of cryptocurrencies, they usually involve digital tokens and assets. For Wong Ching Kit, he decided to distribute over 100 million Hong Kong Dollar this week. That is worth at least $13m, which was given away to random people. Chinese 24 year old Bitcoin Millionaire Wong ching kit 黄鉦杰 AKA bi shao ye 币少爷 (Mr coin ) throws 100’s of millions of HKD from the roof top. He said “he feels as if he is god and he is responsible to teach the world about bitcoin.” Is this a sign of a bullrun incoming or ?! pic.twitter.com/IfgKykB0ME — Mia Tam (@_blockandchain_) December 16, 2018 To make this cash airdrop successful, Wong Ching Kit decided to throw the money off a rooftop in Hong Kong. During this event, he also proclaimed to “feel like a god” and “being responsible for teaching the world about Bitcoin”. Two very serious claims, although it seems the latter one may be interpreted in many different ways. Unfortunately, he was also later arrested when he was heading back in his Lamborghini. Police arrested him for causing a disorder in a public place. The main question is what this person aims to achieve by giving away millions of HKD for no apparent reason. It can be seen as a sign of how investing in Bitcoin will always be a good option to make money down the line. One could also say his youthful age simply got the best of his common sense and he acted on a whim. Various images of the stash of money being dropped from the sky have surfaced on Twitter ever since. It is something that makes many people wishful they were part of it. A cash airdrop doesn’t happen all that often, especially not for such large amounts. Even so, this person can seemingly pare the money without losing sleep over it. Giving something back to the rest of the world is a noble gesture, though one that will always be criticized. For the Bitcoin industry, this may not necessarily be the signal most people are looking for. There will always be those who claim this person should just reinvest the money and keep the price afloat. Even so, people are entitled to use their money as they see fit. If they want to make it rain Hong Kong Dollars, that is their prerogative to do at any given time. A very remarkable airdrop first and foremost and one that will be remembered for some time to come. The post Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong appeared first on NullTX.

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