Bitcoin moves into the typically volatile weekend on the back of a 14.69% correction that saw it slump from its recent peak of $19,400.
The world’s largest cryptocurrency is facing a wrath of sell pressure from this morning’s Plus Token news, which saw Chinese authorities seize $4.2 billion from the alleged ponzi scheme, as reported by The Block.
However, some are assessing the seizure as a positive, as it means that the Chinese government are now in control of 1% of Bitcoin’s circulating supply.
In terms of price action, Bitcoin fell sharply to the $16,500 level of support on the news before recovering to around $16,850 at the time of writing.
As noted in Coin Rivet’s analysis on Wednesday, the $16,500 level is a key pivot point as it was the high on November 12 before it plunged back to $15,750.
With both the weekly and monthly candle closes coming up, it is important that Bitcoin establishes a level of support above $16,500 in order to set up another attempt at an all-time high in September.
In the short-term Bitcoin remains volatile due to a lack of liquidity across order books, which means price could float back $17,500 to trade within a $1,000 range over the weekend.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.