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Bitcoin Price Watch: Currency’s End-of-Year Figure Doesn’t Look So Hot

At press time, the father of cryptocurrency is trading for just over $6,400 – about $100 less than where it stood 24 hours ago.

For those of you who are movie buffs, the big hit in theaters right now is a sci-fi flick called “The Meg,” short for “megalodon.” The story involves a large, prehistoric shark that has emerged from the Mariana Trench to terrorize a group of scientists, deep-sea divers and beach goers… Pretty much anyone it can get its “jaws” around. The big catch is that no matter what the scientists do to get rid of it, it keeps coming back. It’s the Jason Voorhees of the deep.

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While this may sound like a typical horror-fantasy retread to most people, the shark is relevant in the sense that it exhibits the same behavior as bitcoin’s bears. No matter what the currency does to fight back and protect itself against lowered prices and teetering value, the bears somehow always edge their way in and take hold of the financial reins. Is it fair? No. Is it scary? Yes… Pretty much describes both the attitudes of the bears and the megalodon in the movie.

Now, it would appear these bears have put a serious damper on how 2018 will end for bitcoin. One source explains that while bitcoin is slated to trend higher for the rest of the year, enthusiasts and traders shouldn’t expect it to exceed $8,500 before 2019 comes along. In other words, the limited bull runs of both mid-July and August are likely to repeat themselves in a very literal sense.

As we all remember, mid-July brought a lot of hope to investors when within two short weeks, bitcoin added over $2,000 to its overall value, jumping from just over $6,000 to about $8,400. Many thought BTC was heading back up the financial ladder and readying itself to enter five-figure territory once again, but sadly, it wasn’t meant to be. By the time August had rolled around, bitcoin was back at $6,100 as though nothing had ever happened, and all that progress had simply melted away.

BTCUSD: BTCUSD road to $11KBTCUSD: BTCUSD road to $11K

The same thing happened in August, only this time, the bull run was less impressive. The currency ultimately rose to a high of roughly $7,300, but this action lasted about one week, and the coin dropped again.

It’s unclear if megalodons are still out there. Some scientists believe so, but the topic is up for significant debate. Bitcoin bears, on the other hand, are very much a reality, and make their presence known every day – so much that they’re likely to keep a few fingers in the crypto pool over the few remaining months.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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