Nervous Trend Gaining Momentum in Bitcoin

While many of the cryptocurrencies have stabilized, their dramatic trading emphasizes the volatility in the market.

Cryptocurrencies Plunge on Tuesday, Euphoria Appears to be Fading

Cryptocurrencies plunged dramatically across the board on Tuesday. Bitcoin led the selling as its bearish trend turns ugly. While many of the cryptocurrencies were able to stabilize after the tumultuous day of trading, many remain well under their highs as euphoria seemingly fades. Storm clouds regarding potential regulations on cryptocurrencies continue to affect sentiment.

Bitcoin Selling Pressure Grows, Important Psychological Level Approaching

The price of Bitcoin is trading precariously near the 10,000.00 U.S Dollars per coin juncture. And there appears to be resistance building around the 12,000 U.S Dollars level for the cryptocurrency. The 10,000 Dollar mark could prove to be an important psychological crossroad for Bitcoin. If downside pressure mounts, speculative elements which began buying into Bitcoin in earnest around 8,000.00 Dollars may grow increasingly nervous with their long positions. Volatility will obviously continue for Bitcoin in the coming days.

BitConnect Closes in Wake of Criticism

BitConnect closed its cryptocurrency exchange yesterday, as it came under scrutiny not only from the Security and Exchange Commission in the U.S regarding an Initial Coin Offering but also in the wake of critical articles written about the business. The closing of the exchange should serve as a reminder to traders, to make sure they conduct due diligence before choosing a cryptocurrency exchange.

Dubai FinTech Conference Organized by the World Finance Council

A FinTech conference will be held in Dubai from January the 24^th until the 25^th, which will include important panel discussions.

• 24-25, UAE, FinTech Dubai Conference and Exhibition

Yaron Mazor is a senior analyst at SuperTraderTV.

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