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Digital Currency Revolution Series: Bitcoin’s rift between bulls and bears in tight range, beware of fake volumes

BTCUSD has been oscillating between a tight range of $4,282 - $3,761 levels from the last couple of days.

The bears resume today after yesterday’s rallies, the pair bounces above 7 & 21-DMA levels and reclaims back the psychological $4k mark. We have seen failure swings at $4,150 - $4,169 levels couple of times in the recent past.

While the intermediate trend breaches below long-lasting range with bearish EMA & MACD crossovers, the major trend remains edgy as the current price remains well below 21-EMA levels.

Gone are the days when stock markets were not regulated, shrewd but dodgy exchanges used to swap securities among themselves intending to speculatively stimulate buyers by artificially generate a fudged bullish scenario, consequently short sell when the securities booming at the peaks.

Similarly, Bitwise has made the most striking news about CMC by claiming that mere 10 cryptocurrency exchanges have real volumes, including major names like Binance, Coinbase, Kraken, Gemini, and Bittrex.

Unfortunately, CoinMarketCap has also admitted the news. CMC has been informed of the forged volume that defames their reputation, as per the sources of Bloomberg.

While the crypto benchmark BTC tanked by -1.73% in this week so far, while the overall crypto market cap fell by -0.5%.

Since the inception of Bitcoin, it has been catching eyes of investors and luring them by surpassing its price through $100, $500, $1,000, $10,000 and hitting $19k at last in late 2017. From there on, 2018's bearish trend shows slumps up to the recent lows, it has been puzzling from the last couple of months with the mixed bag of underlying news, but what exactly is it and why is it stimulated by all the hype?

An analytical study by TIE divulged that 59% of reported volumes were inflated than 10 times higher than expectation: "If each exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, and Kraken" tweeted TIE, "we would expect the real trading volume among the largest 100 exchanges to equal $2.1B per day. Currently, that number is being reported as $15.9B."

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 30 levels (which is mildly bullish), USD is at 93 (bullish) while articulating (at 12:00 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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