Cryptocurrency Market on a Continuous Decline, No Major Movements on the Upside

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Over the past hour, the bitcoin price has increased by 1.4 percent, from $7,410 to $7,550, after recording a sudden spike in buy volume, as shown below in the 30-minute chart of bitcoin below. Cryptocurrency market has also moved up slightly but has struggled to record any major movement. Bitcoin to $6,000 While several bulls including Wall Street firm Fundstrat founder Tom Lee and John McAfee have expressed their optimistic in regards to the short-term growth of…

Bitcoin Price Drop From $20,000 Likely Due to Market Manipulation

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Since December 17, the bitcoin price has been on a continuous decline, falling from $19,900 to $5,980 at its yearly low. While the bitcoin price has seen two mid-term recoveries and corrective rallies, both failed to test two major support levels at $12,000 and $10,000. Market Manipulation Theory Recently, a group of cryptocurrency researchers and traders suggested that the bitcoin price has began to fall from its all-time high at around $20,000, on the same day the…

Cryptocurrency Market Slightly Recovers But Bitcoin Downward Trend is Still Strong

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. As CCN reported yesterday, on May 24, the bitcoin price dipped below $7,250 as a massive sell-off from the $7,700 mark intensified. After three consecutive sell-offs within a 24-hour period, the price of bitcoin dropped from $7,900 to $7,250, eventually stabilizing at $7,400. Bear Market The cryptocurrency sector is in a short-term bear cycle. In a highly volatile period like this, positive developments and events that would otherwise lead to a significant surge in the valuation of…

DOJ’s Bitcoin Price Manipulation Probe a ‘Good Thing’: Mike Novogratz

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Billionaire investor and former hedge fund manager Mike Novogratz said that he is optimistic that the US Department of Justice’s (DOJ) recently-launched probe into allegations of bitcoin price manipulation will contribute to the long-term health of the cryptocurrency market. Speaking in an interview with Bloomberg, Novogratz — the founder of $250 million cryptocurrency merchant bank Galaxy Digital — said that this increased oversight will help weed out bad actors from the nascent ecosystem. “Weeding out the bad…

Bitcoin Price Drops to $7,300 as Crypto Market Correction Continues

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. The bitcoin price has dropped below the $7,300 mark as the valuation of the cryptocurrency market declined by more than $25 billion, from $350 billion to $325 billion over the past 24 hours. Within the past three days, within merely 72 hours, the valuation of the cryptocurrency market sharply dropped from $390 to $333 billion, losing more than $57 billion. At its previously weekly low, the valuation of the cryptocurrency market dipped to $327 billion. Today, on…

Bitcoin Price Has Hypotehtical Value of $1,800: Federal Reserve Report

Join our community of 10 000 traders on Hacked.com for just $39 per month. The Federal Reserve Bank of San Francisco released a report on May 18 discussing the volatility of the bitcoin price and its impact on the ways bitcoin should be classified, whether as a currency, security, or commodity. Joost van der Burgt, author of the publication and fintech policy advisor at the Federal Reserve’s San Francisco branch, confirms what many have already said: that bitcoin straddles the properties of all three asset classes. However, he draws interesting points…

Bitcoin Price Falls to $7,800 as Cryptocurrency Market Drops $27 Billion Overnight

Join our community of 10 000 traders on Hacked.com for just $39 per month. On yesterday’s report, CCN emphasized that if the bitcoin price falls below the $8,200 resistance level once again, a reentry into the $7,000 region is inevitable. Over the past 24 hours, the bitcoin price dropped by around 4 percent from $8,300 to $7,850. Bitcoin Price Trend As CCN previously reported, the recent correction of the cryptocurrency market can be attributed to three major factors: Mt. Gox sell-off in early May, Bitfinex taxation policy, and scandal involving…

Bears Push Bitcoin Price Back Below $8,000

Join our community of 10 000 traders on Hacked.com for just $39 per month. The bitcoin price fell back below the $8,000 level on Tuesday after the flagship cryptocurrency failed to receive a Bitcoin Pizza Day bump. Bitcoin had briefly peaked above $8,600 on Monday, giving investors a false hope that it would make a run back toward $9,000. Unfortunately, this rally proved unsustainable, and the bitcoin price entered Tuesday morning trading near $8,400 and continued to decline throughout the day. Shortly before 22:40 UTC, the bitcoin price slipped below…

Why Large Investors Aren’t Scared by the Bitcoin Price Drop

Join our community of 10 000 traders on Hacked.com for just $39 per month. Avi Salzman, a senior editor for Barron’s magazine, released a report this week featuring big money investors and executives from the rapidly growing cryptocurrency sector who generally believe, despite the recent bitcoin price drop, cryptocurrency will inevitably replace fiat. Inevitable Outcome Over the past five months, the valuation of the cryptocurrency market has dropped by more than 55 percent, from $829 billion to $372 billion. In January, at its peak, the valuation of the cryptocurrency market…

$5.1 Trillion Vanguard Sees Bitcoin Going to Zero, Debunking Illogical Arguments

Join our community of 10 000 traders on Hacked.com for just $39 per month. Following the footsteps of Tim Buckley, the CEO at Vanguard, an investment firm that oversees $5.1 trillion in assets, the company’s chief economist Joe Davis stated that he sees the price of bitcoin dropping to zero in the long-term. Argument 1: No Viable Use Case The core argument Davis offered on his ETF.com opinion piece to support his theory that the price of bitcoin drops to zero in the long-term is the lack of a viable…