The Bitcoin share surpassed the $9,000 mark yesterday and reached a new year high of $9,008.31. The joy did not last long, however, because overnight the price briefly returned to the 8,200 dollar range. However, the strong performance since the beginning of the month can hardly dampen this.
In the course of the morning the Bitcoin could limit the losses to around five percent and is currently quoted at around 8,300 dollars. Since May 1, the share price has risen by around 56 percent. This means that the crypto currency is just before the fourth month with rising prices in a row – it would be the longest profit series since mid-2017. Since the beginning of February, the price has risen by more than 140 percent.
In view of this performance, THE SHAREHOLDER had repeatedly pointed out that interim profit-taking is quite normal and no reason for panic. From a chart technical point of view, both the horizontal support in the 8,000 dollar range and the medium-term uptrend line remains unchanged bullish. The short- and medium-term with it – five-digit courses moved according to estimate of the SHAREHOLDER again into seizable proximity.
Seasonal factors could provide additional support, because historically June is a good month for the Bitcoin: In the past seven years the Bitcoin has made five gains in June, only twice the price fell on a monthly basis.
Altcoins also weak
Similar to the leading crypto currency Bitcoin, most of the old coins are also trading clearly negative on Friday. This is to be explained primarily with profit taking and the generally weak total market before the weekend.
In the Top 10 after market capitalization Bitcoin SV loses the most violently with over 15 per cent minus – before the price had increased however above average strongly. New rumours that Craig Wright, the head of Bitcoin SV, hides behind the pseudonym Satoshi Nakamoto, caused the share price to rise by up to 150 percent within a few days. The SHAREHOLDER advises however not to take this statement too seriously.
- In the wake of the Bitcoin also the share of the Bitcoin Group loses approximately four per cent, after it had marked at the beginning of the week with 45.40 euro likewise a new yearly high.
- The large correlation between the Bitcoin and the share of the operator of the commercial platform Bitcoin.de is sufficiently well-known – therefore today’s losses are no large surprise.
Controversial SEC meeting
Today, Friday, the crypto scene is looking forward to Washington, D.C., where the US Securities and Exchange Commission (SEC) has for the first time invited to the “FinTech Forum“. The focus of the event will be on the exchange of information on topics related to digital assets and distributed ledger technology.
While many crypto enthusiasts see the meeting of industry experts and representatives of the regulatory authority as an opportunity for regulatory convergence, crypto companies and start-ups in particular criticized the unclear and sometimes contradictory rules of the authority in advance. The fact that there are hardly any representatives of crypto companies among the speakers at the event does not make things any better from their point of view.