Bloody Sunday, the currency, cost the market almost $ 50 billion of market capitalization: in one day it fell from $ 340 billion to $ 290 billion at the lowest point. As of Tuesday, June 12, the total market capitalization has returned to $ 300 billion. The reference Bitcoin (BTC) has grown by 1% in the last 24 hours and is trading around $ 6,900. The technical analysis foreshadowed that after the breakthrough of the support level at $ 7,080, the fall would be deep and intense, but this did not happen.
The current drop was surprising because the reason that caused it was not so significant: the South Korean exchange Coinrail, plundered at $ 37 million, ranked 90th in the CoinMarketCap rating with a daily trading volume of $ 2 million.
Most likely, fears aroused the news about the "mysterious Asian bitcoin kit" with the world's sixth largest purse for 94,000 BTC, from which Huobi 8,000 BTC was brought on the market for the obvious purpose of selling. It is the news about the sale of bitcoins in recent years have caused especially fierce panic.
Nevertheless, in the crypto-currency press, news continues to circulate about the rapid expansion of the number of derivatives to digital assets, which "will cause liquidity and volume growth, will attract attention to the broader market again, and will also push the market up." At the end of 2017, after the launch of futures, there were similar assumptions, however, investors who came to the market did not put on growth. Why this time they will necessarily do otherwise? It is likely that large capital will be more comfortable working in the market at lower levels, and a sense of euphoria to attract funds from less experienced investors will begin to be pawned through the media after the stage of reaching a certain bottom.
"The bitcoin rate has been trading since the beginning of the year within the descending triangle, an important round support for which is the area near $ 6,500.The course is groping for some support near this mark for the last couple of days, however, testing of lower levels can not be ruled out.The move below will become a strong technical signal for sale , but while bitcoin is trading above this level, a rebound in the $ 8000-9000 area is more likely, "- says financial analyst FxPro Alexander Kuptsekevich.
It should be noted that bitcoin is largely influenced by the main manufacturer of equipment for mining - Bitmain. On the other hand, prominent crypto speakers actively speculate in the "stick-stick" mode, causing that optimism, then panic. It seems that the dreams of decentralization have ended with a monopoly of computing power on the one hand, and a monopoly of cash flows on the other.
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