Bitcoin and its major counterparts experienced a wild day of trading on Wednesday with vast declines, followed by stability and then a climb in value. On Thursday, All majors crypto are in double-digit gains.
Traders are debating the significance of the volatility in cryptocurrencies and fast conditions are expected to continue.
Short term traders within cryptocurrencies had their courage tested yesterday as a whirlwind of pressure on the major coins created large declines, some stability and then a rise in values. Debates are raging on social media regarding the significance of the drops experienced by Bitcoin and other cryptocurrencies. Some cryptocurrency evangelists are calling for traders to buy on dips, while others ask sarcastically which dips they are referring to. One thing is for certain, volatility will continue.
While it is tempting to speak about the market swings seen in Ethereum, Ripple and other cryptocurrencies yesterday, the wild ride in Bitcoin stands out. Bitcoin dropped to a low water mark of nearly 9,300 U.S Dollars but then saw a surge upwards which took it above 11,000. Bitcoin has range traded this morning and it is near the 11,200 juncture. Short term traders should keep their eyes on the 12,000 U.S Dollar mark as a potential pivot point for speculators. Ripple is the star of the day so far with an increase of 50%, trading at $1.50.
News has developed in South Korea again, as the nation considers a closure of cryptocurrency exchanges. This is important because South Korea possesses many traders. However some analysts point out, if South Korea were to shutter its exchanges, people holding cryptocurrencies would be able to transfer their balances to exchanges outside the country because of blockchain’s capabilities.
Bitcoin and Blockchain Conference the Philippines on the Calendar
A Blockchain and Bitcoin Conference will be held in Manila starting on January the 25th.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.