Data from price trackers including CoinMarketCap showed weakness continuing in BTC/USD overnight on Wednesday. After a brief run to 24-hour highs of $11,530, downward momentum took hold again, with the pair sinking to lows of $11,340. At press time, $11,370 formed a focal point as traders both within and outside cryptocurrency closely eyed macro developments.
-
-
Police seize ‘major’ South Korean crypto exchange Coinbit, 99% of volume was fake
Law enforcement raided Coinbit’s offices, confiscating $84 million in allegedly illegal profits and searching several locations including the firm’s Seoul headquarters
South Korean law enforcement estimates that Coinbit raked in at least 100 billion won (over $84 million) through its alleged unfair practices. The exchange’s actions are believed to have negatively affected its 252,000 monthly active users.
-
Markets Report: Bitcoin tests $11,000 as macro awaits Fed inflation speech
Losses overnight amount to a typical pullback, one trader argues, with volatility also heightening for gold ahead of Thursday’s speech
Bitcoin showed signs of weakness on August 26 as volatility in gold prices coupled with strength in the US dollar currency index to pressure sentiment. Data from price tickers including CoinMarketCap showed increasingly lower levels on the hourly chart for BTC/USD through Wednesday, with 24-hour losses sitting at 1.8% at press time.
-
Markets Report: Bitcoin is bullish with ‘any daily close’ above $10,500, says trader
A CME gap at $9,600 may not need to be filled after all, says Josh Rager, while another corporate buy-in boosts bullish sentiment.
Bitcoin still has the potential to reach new all-time highs—and will avoid testing four figures if one price area holds. That was the opinion of one analyst on August 25 as BTC/USD continued its ranging price action between $11,000 and $12,000.
