Ken Chigbo
Independent Analyst
- Bitcoin price is slammed over 5% on Wednesday, price being forced below the $7000 mark.
- Ripple drops a hefty 9% in the session, falling below the $0.3000 area.
- Big sellers seen in a short space of time across the market, with a large spike in volume seen.
The Bitcoin price on Wednesday, along with several its counterparts, the other major altcoins, were all slammed hard in the session. A large spike in volume was seen in the early U.S. morning session, with some heavy selling pressure coming into play.
There were reports doing the rounds, Business Insider covering that Goldman Sachs are halting their plans to build a cryptocurrency desk. This was being cited due to the nature of uncertain and tough logistics around the regulation side of things. There were reports back in December, suggesting that the large US investment bank, were planning on having the desk up and running in the summer.
Across the board, there are several key levels being flirted with, Bitcoin and the $7000-mark, Ripple with $0.3000 area. Eyes are on for a potential stabilisation, after the chunky selling seen in the early part of the session. Heading into the month of September there was much optimism, that a pick up in recovery could be seen, as players head back from their summer holidays.
BTC/USD 60-minute chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.