How Low Can Bitcoin Go?






Ladies and Gentleman this is Wall Street’s version of a pump and dump. Traders realize that the rebranding is only a publicity stunt and the company has admitted that they may never even integrate any blockchain solutions.

Goldman’s Cryptotraders

Now, the infamous trading firm Goldman Sachs is getting in on the action and has announced that they are opening their own Cryptotrading desk.
This is a truly exciting update and it only confirms what we’ve been saying at eToro for the past few years, that cryptotrading is the future of Forex.
With that, as every trader knows, markets go both ways and at the moment they’re going down. So let’s take a look.

Massive Pullback

Looking at the overall cryptomarket, we’re now 25% from the top. Timewise we’re back to the levels last seen on December 13th. All in all, not too much damage so far but the fear is certainly setting in with many and there is a possibility to go further.
 Even if we see a move to as low as $10,000 we could still consider bitcoin to be in a strong upward trend. In fact, $10,000 was exactly the level that bitcoin was trading at the beginning of this month and so it would not be surprising to see it there again.

Is it Santa’s Fault?

Several have mentioned this morning that this pullback is being caused by people who want to buy Christmas Presents.
At first, I thought that the notion was ridiculous. After all, most crypto volumes happen in East Asia where Christmas isn’t really as much of a thing. However, after checking the recent volumes, there may be something to this theory after all.
According to coinmarketcap, combined volumes from bitflyer and bithumb, the two largest exchanges in Japan and South Korea, the two biggest crypto countries in the world, only account for a combined 5% of crypto volumes today.
Cryptocompare also has a nifty graph that seems to indicate the West taking up a larger portion of the market in the last 28 hours.

Comments

  1. UnknownAugust 20, 2018 at 10:47 PM

    Thank you for sharing this information.
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  2. UnknownSeptember 12, 2018 at 2:00 AM

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    CoinOrbisCap is the best user-friendly financial app who take digital currency seriously. Gives you quick access to crypto prices, market cap, coin chart, crypto news on over 1500 currencies.

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