The cryptocurrency market has dropped by $5 billion over the past 24 hours, from $282 billion to $277 billion. Most major cryptocurrencies including Bitcoin have declined by 1 to 2 percent but did not demonstrate any major movement on both the upside and downside.
Bitcoin and Ethereum outperformed the top 10 cryptocurrencies with a slight loss of 0.8 percent, while Ripple, Bitcoin Cash, EOS, and Cardano experienced a loss of around 2.5 percent.
Over the past 24 hours, the Bitcoin price dipped below $6,390, briefly touching $6,380 before rebounding to $6,500. BTC has since dropped to $6,450, struggling to see any sign of short-term recovery in its price and volume.
The daily chart of BTC show that the volume of BTC is at its yearly low. Even during February, when BTC dipped below $6,100, the volume of BTC was substantially higher than the current volume of BTC. Since June 13, BTC has been able to sustain a short-term corrective rally from $6,100 to $6,450, but due to the low volume of BTC, a drop to the lower end of $6,000 in the upcoming days can be expected.
Currently, 50, 100, and 200 moving averages demonstrate that bears are still in control of the Bitcoin market and if BTC falls below the $6,300 mark in the next 24 hours, a dip below the $6,000 mark is inevitable. But, if BTC sees an abrupt increase in volume and rises to $6,700 in the short-term, a rally to $7,000 is a possibility. Based on the state of the market, a drop to $6,000 is more likely than a short-term recovery to the higher end of $6,900.
In South Korea, unconfirmed rumors have emerged, alleging Bithumb, the country’s biggest cryptocurrency exchange, of experiencing a hacking attack. The rumors are not verified but local reports seem to indicate that Bithumb did see a hacking attempt. Whether the attempt is successful or not will be released in the near future, as BlockchainROK reported.
Earlier this month, mainstream media outlets resorted to the $40 million hacking attack of Coinrail, which evidently did not have any impact on the price of BTC and the global cryptocurrency market, to justify the downward trend of major cryptocurrencies, and they were criticized for it.
If Bithumb did experience a hacking attempt but dealt with it without the loss of user funds, it is unlikely that the case would have any impact on the cryptocurrency market of South Korea and the global sector.
The chart of BTC in 2018 has a 2014-esqe trend, primarily because the market experienced the eruption of the same bubble it had seen four years ago; the bubble of retail and individual traders. If BTC follows its price movement in 2014, it is likely that BTC drops to the lower end of $5,000 and experience a parabolic upward swing in the mid-term.
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Last modified: May 20, 2020 8:40 PM UTC