Sunday Digest: Bitcoin Price, Altcoin Markets and CSW

Monday 23 December 2019, 6:15 AM AEST - 8 months ago

A six-year-old girl in London found that somebody had already written a message in one of a box of charity Christmas cards. It had apparently been written by a foreigner detained in a Shanghai prison and forced to work in the factory where the cards are produced. The prisoner should be thankful that he wasnt forced into hard labor in the Chinese Bitcoin mines!

Bitcoin Price: And… Relax

Well, it seems like this week weve snatched a minor victory from the jaws of a big defeat, as far as bitcoin price is concerned.

Initially, Monday seemed to be following the same sideways with a slow trickle pattern of last week, until a sudden drop took us back down below $7k. Research suggested that this was likely due to another dump of coins from the PlusToken scammers.

After a brief pause, BTC price continued to plummet, crashing through $6.6k, before it found some support. Some analysts were predicting further negative price action to come, with a potential bottom at around $5,500.

In the search for some optimistic news, we found that the usually-overlooked Bitcoin Energy Value Oscillator with flashing bullish. Not that Bakkt was feeling the pinch, as it continued to post all-time highs in open interest.

Before bearish sentiment got comfortable though, Wednesday saw a massive 14% pump. BTC price briefly topped out at $7450 before a minor pullback to $7.2k where it stabilized.

Bitcoin has traded sideways at this level since then, so barring any eleventh-hour swings, we should end the week a respectable $100 or so higher than we started it.

Ether And Other Altcoins Also Hit

Bitcoin wasnt the only cryptocurrency feeling the pain early in the week, as high-cap cryptos such as Ether, Litecoin and EOS all took a bashing down to 10-month lows.

In Ethers case it could be rela ...

Read full story on Bitcoinist.com