Bitcoin Gently Touches $7,333 BTC/USD Threshold, But How Could This Be Bad News for Bulls?


  • Bitcoin has been hovering around $7,200, following substantial gains in the last 24 hours.
  • The scandals involving BitFinex and Binance could negatively impact the price.

When the bull market hit cryptocurrency in 2017, seeing Bitcoin rise up by a thousand in a single day was not unheard of. Last year’s bear market brought massive losses, reaching to 40% within just a couple of weeks.

Now, Bitcoin has been on an upward trend, breaking the $6,000 threshold and making a steady push for $7,000, touching the price level this morning, according to a report by CP crypto news outlet.

What happens now? Is the bull market back, on the way to $10,000? There is a chance, but it is too early to start predicting what this price means. Realistically, the issues that investors need to focus on are two potential scandals going on that could be influencing the price of Bitcoin, involving Binance and BitFinex.

Binance was recently hacked, losing $40 million in the process. The attack forced the platform to shut down deposits and withdrawals alike, which was a major hit for the largest crypto exchanges. Without funds flowing into and out of the exchange, manipulation by Bitcoin whales is a major risk.

Right now, these functions are still frozen during the seven-day investigation, which means that users should be excessively cautious about the market.

The scandal with BitFinex has received a lot more attention from the press, as $850 million just is missing from their platform. Making up for the liquidity by pulling from Tether’s, BitFinex has been making a 6% price difference in Bitcoin, which was probably due to users cashing out. The price difference went down to 1% yesterday, but the price of Bitcoin is still fragile.

There are a few factors to consider, according to CryptoPotato. The publication predicted the $7,000 target, but Bitcoin is still struggling to keep its stance over the $6,800 resistance. The next resistance level would be $7,000, though breaking this level would move the resistance level to $7,200 and then to $7,400. The last time that Bitcoin managed to reach $7,400 was in September last year. The previous resistance levels have now become support levels, which is presently $6,800.

The trading volume exceeded what CP was expecting from Bitcoin, but the news media website surmises that this volume is higher because of the weekend. The market cap is going up as well, which means that the influx of Bitcoin is likely coming from the altcoins that are decreasing.

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Presently, Bitcoin is trading at $7,162.47, as of 6:45pm PST. The coin is reflecting an increase of 8.08% in the last 24 hours, while only nine crypto assets are showing decreases in value in the last 24 hours, according to CoinMarketCap (CMC). Of those nine assets, two tokens have close to a 10% loss – Arcblock (11.44% loss) and TrueChain (9.17%).

Nearly half of all altcoins have gains of over 10% in the last 24 hours. The highest percentage of growth in that time is NEXT at 31.36%.

Bitcoin’s price is $35,616.83 BTC/USD exchange rate today. The real-time BTC market cap of $667.23 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $21.36 Billion and live coin value change of BTC 0.99 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$35,616.8331 change ~ 0.99%

Coin Market Cap

$667.23 Billion

24 Hour Volume

$21.36 Billion

24 Hour VWAP

$35.55 K

24 Hour Change

$351.22

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