Even the most ardent bitcoin maximalist would agree it’s been a difficult 12 months for the world’s best-known digital currency. After trading near $20,000 in late 2017, the best-known cryptocurrency tumbled as much as 80%, demolishing portfolios and ending dreams of early retirements.
“There’s always a myriad of possible reasons why bitcoin has had a surge in price. The fact that there was $415 million worth in short positions on the Bitmex exchange may have been too succulent a target for the market not to move against,” said George McDonaugh, CEO of KR1, a London-based digital asset investment company in an email to MarketWatch.
He added a close above the 200-day moving average, which currently stands at around $4,600, would be a constructive technical break. The cryptocurrency last closed above its 200-day moving average in March of 2018.Part of the fundamental outlook bitcoin aficionados have been touting is the coming block reward halving, scheduled for May 2020.
Remember literally like one week ago when it was reported that the vast majority of crypto trading is fraudulent? I suspect that is 'what's going on'.
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