• Entertainment
  • Finance
  • Marketing
  • Real Estate
  • Technology
  • Social
National Journal Community Of e-Experts
Finance 0

Crypto-Mania Returns: Bitcoin Soars $1000 In Minutes, Most Since 2017; Back Above $8000

By Kurt Osterberg · On April 12, 2018

Today, Bitcoin exploded higher by over 15% (the biggest move since 2017), breaking above $8,000 on extremely heavy volume as the cryptocurrency tests above its 200-day moving-average.

Speculative chatter on the driver behind the move is Russian oligarchs buying (though we note that Bitcoin actually fell on the announcement of the sanctions last week). This is obviously unconfirmed…

Have Russian billionaire oligarchs started converting their net worth into crypto

— zerohedge (@zerohedge) April 10, 2018

Additionally, and perhaps more likely, this is a reflexive easing from the tax-related selling pressure that many have discussed as a big driver of cryptos downside ahead of next week’s tax deadline.

Extremely heavy volume on this upswing… The move peaked at around 16%, before fading back to a more stable 11% gain.

Bitcoin is testing its 200DMA…

It’s not just Bitcoin, the entire crypto space is bid for now…

While this panic-bid is notable – the biggest spike since 2017 – the price of bitcoin has nearly halved in the four months of the year so far, and its unlikely to top its all time high of $19,843, set in December, ever again, Barclays says.

“Unlike past peaks in Bitcoin prices, the survey evidence, based on our modeling, suggests that the speculative bubble in crypto currencies may have passed its peak,” the bank said as part of its annual Equity Gilt report this week.

Here’s where the bank’s model predicts bitcoin’s price will go from here:

Unsurprisingly, as BI reports, the team of analysts led by Joseph Abate say there’s a striking similarity between bitcoin’s rise in popularity and the spread of viruses like influenza.

“Applying this model to speculative behaviour in crypto currencies, it suggests that once a large enough share of the population susceptible to speculation becomes aware of and holders of crypto currencies, upward pressure on prices stalls,” they write. “To the extent that holders’ attraction to Bitcoin was speculative – as our empirical analysis of historical prices suggests – those holders then become sellers, initiating an accelerating downward spiral.”

Print Friendly, PDF & Email

Share Tweet

Kurt Osterberg

You Might Also Like

  • Finance

    The Importance of Employee Training and Visual Communication in 2021

  • Finance

    Why Employee Recognition Is Important (and Key Benefits)

  • Finance

    How the Best Marketers Get Ahead: They Make Time to Learn

No Comments

Leave a reply Cancel reply

Top Finance

  • Chart: Amazon’s Dominance In Ecommerce Chart: Amazon’s Dominance In Ecommerce
  • Shark Tank Recap: Shed Defender, Tata Towels and Sanaia Applesauce Secure Deals Shark Tank Recap: Shed Defender, Tata Towels and Sanaia Applesauce Secure Deals
  • Hedge Funds In The US Hedge Funds In The US
  • One Ring To Rule Them All One Ring To Rule Them All
  • Dollar General (DG) Q2 Earnings And Revenues Surpass Estimates Dollar General (DG) Q2 Earnings And Revenues Surpass Estimates

New Posts

  • The Importance of Employee Training and Visual Communication in 2021

    The Importance of Employee Training and Visual Communication in 2021

    January 26, 2021
  • Why Employee Recognition Is Important (and Key Benefits)

    Why Employee Recognition Is Important (and Key Benefits)

    January 26, 2021
  • How the Best Marketers Get Ahead: They Make Time to Learn

    How the Best Marketers Get Ahead: They Make Time to Learn

    January 26, 2021
  • 9 Questions Freelancers Should Ask Potential Clients (And 3 To Avoid At All Costs)

    9 Questions Freelancers Should Ask Potential Clients (And 3 To Avoid At All Costs)

    January 26, 2021
  • 3 Key Considerations for Conversion Campaigns

    3 Key Considerations for Conversion Campaigns

    January 26, 2021
  • About
  • Contact Us
  • Privacy & Policy
  • Sitemap
  • Terms of use

Copyright © 2018 NJCEE. All Rights Reserved.