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2019-10-27 15:18:24
Jacob Fisher

Editor

2019-10-27 15:18:24

Bitcoin unexpectedly jumped 14% - what is happening?

Bitcoin unexpectedly took off at around 18:40 Moscow time at $ 700, rising from $ 7,700 to $ 8,400, although it started the day near $ 7,400.

Bitcoin unexpectedly took off at around 18:40 Moscow time at $ 700, rising from $ 7,700 to $ 8,400, although it started the day near $ 7,400.

Bitcoin unexpectedly took off at around 18:40 Moscow time at $ 700, rising from $ 7,700 to $ 8,400, although it started the day near $ 7,400.

The growth since the beginning of the day is already more than 14% (more than $ 1100). The sharp movement took place against the background of a significant increase in trading volumes.

The top ten CoinMarketCap is also in green, adding from 4.4% (Stellar) to 22% (Bitcoin Cash).

The rise occurred approximately 45 minutes after the closing of the October bitcoin futures contracts on the Chicago Mercantile Exchange (CME).

According to the Rekto service, over the past 24 hours, positions at $ 200 million were liquidated on the largest crypto-derivative exchange BitMEX.

It is noteworthy that against the backdrop of a sharp recovery in the market, the stablecoin Tether lost parity with the underlying American dollar, forklog writes. Earlier it was reported about large transactions with Tron (TRX) related to the migration of USDT tokens from one blockchain to another and, presumably, with an increase in the market offer of Tether itself.

On the Bakkt futures platform, meanwhile, a new record was set at 770 BTC, according to Twitter bot data.

Some analysts attribute the rise in the price of bitcoin to the statement by President Xi Jinping, who said that the Chinese Communist Party (CCP) should consider blockchain as one of the key innovative technologies and contribute in every way to its development.

Meanwhile, Coindesk analyst Omkar Godball confirmed that the death cross formed on the daily chart of Bitcoin on October 25, the first time since March 31, 2018. The long-term bearish indicator is the intersection of the 50-day moving average (MA) with the 200-day MA and is generally lagging.

It is worth noting that the death cross in September 2015 and April 2018 became a trap for sellers when most of the correction was already behind. Perhaps this will be the case this time.

"The sharp rise in the price of bitcoin can be attributed to the fact that buyers nevertheless entered the market, considering the current levels after the correction quite attractive. Altcoins are even more attractive. Here sales took place beyond all psychological levels, so now their value can be considered "almost nothing." What is happening once again proves that there are forces on the market that continuously play against the trend," says the FxPro analyst team