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The market price of Bitcoin (BTC) has had quite the ride in the month of July. A spike mid-month had values approaching $14,000 with no ceiling in site. A dramatic retreat to $9,000 just a week latter cause some market panic. The world’s largest digital currency continues to capture the attention of investors heading into the final days of July.
According to a CCN post reprinted on Yahoo Finance, the BTC value rose to near $9,500 on Sunday. This followed a drop to $9,100 across major crypto exchanges earlier in the weekend. The seven percent loss at Bitstamp and Coinbase was eased rather quickly. The flash crash to levels near $9,000 and the subsequent rise highlights BTC’s volatility.
Two of the contributing factors to the latest market swings is BitMEX and Bitfinex. The Commodities and Futures Trading Commission (CFTC) recently launched an investigation into BitMEX to stir the market. Also, a pending case against Bitfinex has led to concern throughout the crypto market.
Another factor could be the indecisiveness of investor and traders on cryptos. The bears have been in charge since mid-July following a steady bull run. Josh Rager is a cryptocurrency technical analyst. Given the short term market movement, he is looking at $9,420 as a key market indicator. If bitcoin can not hold this level, further value declines become more probable.
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Rager was quoted as follows in the original www.ccn.com post: “Price still needs to break above $10,830+ and close for higher-high close under the previous daily support ($9,420s) would be bearish. On higher time frames, price is in a potentially large range. Hammer reversal candle is bullish but I’m neutral at the moment.”
As reported by the MEHR News Agency, Iran has authorized cryptocurrency mining. This allows individuals and businesses to file licenses with the Ministry of Industry, Mine and Trade. The news agency went on to add:
“According to the decision, those who use cryptocurrencies should accept its risks. And, the government and banking system will not provide any guarantees for them. It also notes that using digital money in domestic transactions is not allowed.” This situation has been complicated by ongoing tensions between Iran and the United States.
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