ForexMinute.com – Irrespective of the rumors suggesting a bearish signal, almost every top cryptocurrency recovered magnificently in last 24 hours, probably due to an extensive buying pressure at bottom.
Speaking first of Bitcoin, the coin was reported been declined to the embarrassingly low selling price of $309 on BTC-e. There were so many theories regarding such a slump that circulated the market throughout these hours, ranging from margin trades to short term news outlook. This flash crash originated a ripple that made other competitive exchanges to drop their Bitcoin selling prices as well. The similar flash crash was also noted in February when the Bitcoin price on exchange was made to drop by $500 within a minute.
But we can say that this step was solely taken to inspire a swift rebound. It though can be termed a little unethical, and BTC-e have faced quite a criticism as well by some of the Bitcoin experts. Manipulation might be the right word to describe margin trades, but all well that ends well. A drop like this indeed acted like honey to bees, and eventually put a buying pressure on the entire market.
Resultantly, each coin following the hierarchy of Bitcoin rebounded sharply in last 24 hours. They include everyone from Litecoin to Dogecoin, and Peercoin to NXT. Darkcoin, which turned out to be the biggest victim of whopping dumps, also turned out to be the mostly pumped coin of the day, rising over 30% against US Dollar within a short span.
Here is the full report:
BTC/USD
The last 24 hours might have seen the origination of yet another Bitcoin bubble. The BTC/USD yesterday opened while being priced at around $488. It continued to be bearish for the rest of the day, trending downwards due to too much selling pressure. However in later hours, the pair stopped falling for a while and indicated stability for the first time in last five days. At the end of the day, the BTC/USD was being priced at $458.
The stability in later half of yesterday indeed pumped optimism in the market, making it the right time to buy back. The intentionally dropped prices at leading cryptocurrency exchanges also amplified the buying pressure, after which the BTC/USD rebounded comfortably. It cannot be said though how long this uptrend will last, but based on previous records we are guessing it to cross the $500 mark.
At press time, the BTC/USD has surged 4.17% and is being traded at $479.07.
LTC/BTC
We guess you already know the Litecoin was supposed to react to Bitcoin’s rebound, and it did. The LTC/BTC opened yesterday at around 0.00885802 BTC and continued to trend downwards in the following hours as well. Upon reaching the support level of 0.00808561 BTC, the pair reacted to the stability in Bitcoin prices and traded smoothly for the rest of the day, though with some occasional volatility.
Upon entering today’s trading hours, the LTC/BTC rose sharply and likewise Bitcoin, indicated a wonderful recovery. At press time, the pair has surged over 15% in last 24 hours and is currently being priced at 0.00947178 BTC.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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