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Analysis

Who Shorted $74 Million And Dropped The Price Of Bitcoin?

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Bitcoin

The market is officially deep in the red after Bitcoin fell from almost $7,500 to today’s low of $6,400 in a new massive sell-off. However, no one knows who to blame for this major decline.

After the news that Goldman Sachs is sidelining plans of opening its cryptocurrency desk, the market took a sharp downward turn. The main reason for the drop, however, is the fact that someone took 10,000 BTC in a short position while the entire market sentiment has been positive.

According to the top analysts in the field, no one knows why someone would short $74,000,000 (10,000 BTC) in a position so quickly. It simply doesn’t make sense unless the trader knew something that we all didn’t.

Other analysts speculate that this could have been someone at Goldman Sachs themselves, taking the $74 million short position, waiting for 2 days and then announcing that they are pulling out of crypto.

Obviously, these are all speculations. However, technology can help us see the real victim here. According to one AI technology that always keeps a watchful eye on the cryptocurrency market, there is clear evidence that the drop points to a deliberate market manipulation.

When the crypto drop occurred, at first, no one knew what was happening. Later in the day, the catalyst was found – in the form of Goldman Sachs pausing its developments on its rumored crypto trading desk.

 

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Analysis

Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000

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Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news.Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors.This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000.The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations.Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:
 “Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.
He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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Analysis

Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase

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Bitcoin Faced
Bitcoin faced the largest price drop of the year and it seems that the cryptocurrency is set to end the month on a negative note. Closing below the $8,300 looks like a decent prediction so let’s see further in the bitcoin price news below.The hourly chart continues to urge a move higher to the $7,800 and $8,200 but a bullish reversal could be confirmed on the three-day charts if the prices close above the $7,280 today. The acceptance below the $6,515 could invalidate the bullish hammer candle that is seen on the three-day chart and invite the strong selling pressure. Bitcoin faced the largest monthly loss of 2019 despite the recent recovery from the six-month low.Right now, the number one cryptocurrency is priced at $7,530 on Bitstamp which represents a 17.6 percent loss from the start of the month when the price was standing at $9.586. The percentage drop could have been more than 30 percent if the prices stayed at the six-month low of $6,515. Bitcoin suffered a bigger monthly loss in November last year and the prices dropped by 27 percent, reviving the sell-off from the record high of $20,000 that was reached in 2017 in December. The cryptocurrency went on to hit a new low of $3,122 in December 2018.Bitcoin was expected to pose good gains in November with the miners’ reward halving coming in May 2020. The cryptocurrency picked up slightly six months ahead of the supply-cutting event. The run-up period has started with a heavy price drop because of the miners who started selling off their bitcoin as noted by popular analyst Willy Woo. Bitcoin plunged from $13,000 to $7,500 in the third quarter and then the price took its toll on the miners’ profitability.Looking forward, Bitcoin could suffer a deeper drop in December if the prices end the current month below $8,300 as Woo predicts. The monthly close above $8,300 looks unlikely and that said, the price could increase to $8,000 before Saturday closes as short-term technical and bullish signals occur. Bitcoin bounced back from the former resistance-turned-support of the inverse head and shoulder pattern at $7,360 reinforcing the bulls.
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Analysis

Boring Bitcoin: BTC Still At $7,500 With No Sign Of Upswing

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boring bitcoin
The latest cryptocurrency news are showing that the price of the most dominant cryptocurrency is still trading around the $7,500 level as the bullish breakout upends the bear market. This is a situation where we see a boring Bitcoin (BTC) - one which does not move in the needed direction and one that forces analysts to hold on to their losses.However, a surprise bullish reversal took the markets $700 higher the previous day and as data shows, the BTC/USD pair came down slightly from the local highs at Wednesday at $7,640 to trade just over $7,500 at press time.The largest cryptocurrency also took the traders unaware during the previous session and jumped from below $6,900 when many were prepared for further drops. So, the current boring Bitcoin is still in a good position and comes a long way from the recent near-$6,000 price movements.Prior to this, pressure had been building up on Bitcoin after news emerged showing that the major South Korean exchange Upbit suffered a loss of funds worth over $50 million. This fresh run-up appeared to already impact the sentiment among traders. Well known social media analysts commented on the boring Bitcoin case and said that the mood had changed from shorting price decreases to long positions.One analyst with a handle Rhythm summarized the Bitcoin movements in 2019 and said:
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets.”
Despite the negative price action, the Bitcoin news updates today show that the cryptocurrency is still holding on well. However, it did not manage to breach the $10,000 level which was expected for this month.Currently, the boring Bitcoin is said to break out in the near future and probably test the $10,000 region this year. If that happens, analysts would be lucky and can see a bullish potential in the most dominant cryptocurrency once again.Today, we can see reds all over the market but with a maximum of 1% for most coins and a negative drop of 1.64% for Binance Coin (BNB). On the other hand, a major gainer on the day is Cardano (ADA) with a 5.20% rise. The total cryptocurrency market cap managed to go above $200 billion and is at $204 billion at press time. 
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Analysis

Zcash Price Falls To Lowest Levels Since March: Analysis

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Zcash price falls
ZCash price falls to its lowest levels of trade since march this year, succeeding the newest fall in the bigger crypto market that was started with the news from the central bank of China as we read earlier in the Zcash news.Since the beginning of November, the price of the ZEC/USD pair has fallen more than 30%, which is lower form the highest price in 2019. There are some suggestions from technical analysts that there is a high possibility of starting a bullish trend of reversal by Zcash, whilst trading above the $17.00 level.Inverted head and shoulders patterns can start to form, shows the four-hour time frame if traders can make a rally toward the $40.00 level. It is possible that the price floor has been founded at the beginning of this week near $25, which is even more supplemented by a bullish reversal candle evident from the daily charts. A huge quantity of bullish MACD price divergence emerged during the summer decline, as the daily chart proof and the ZCash price falls even lower. The Technical indicators are indicating that a bullish reversal may happen soon, with the Relative Strength Index on the daily charts making its most oversold level on record.The sentiment for Zcash is neutral, according to the newest sentiment data from TheTIE.io, the short-sentiment is neutral at 42.00%, and the long-term sentiment towards the token is neutral at 46.00%. At the levels of $35.00 and $40.00 is where the technical resistance is located, is shown by the four-hour time frame. A large reversal pattern to be created price rally above the aforementioned levels is needed. In the medium-term, the key technical resistance is at the $55.00 and $80.00 levels.Strong medium-term technical support for Zcash is around the $25.00 and $20.00 levels, according to the four-hour time frame. At the level of $17.00 is critical long-term technical support for Zcash. Adding to the losses that Zcash suffered this summer, the crypto suffered an additional heavy decline this week. In order, a large reversal pattern to be formed Zcash must recover beyond the $40.00 level.As previously reported, Upon an agreement that was signed on November 6, the Zcash Foundation will be financially responsible for all of the costs associated with assigning and also protecting the trademark. When the news was announced, the Zcash Foundation mentioned the existing disagreement with the ECC over the future of the trademark.
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