The cryptocurrency market had a sharp rebound last week, with the overall market increased by 24% to $321 billion. Bitcoin rose 16% to $8,100 while ether price increased 30% to $510.
The strong performance was mainly due to a short squeeze – at one point, Bitcoin price rose $1,000 within one hour. There were a lot of shorts in different exchanges, so the run up in price triggered many margin call which created many forced buy orders in a short period of time.
During the week, a number of experts expressed bullish sentiment towards cryptocurrency. Pantera Capital stated that Bitcoin price has bottomed out, Tom Lee of Fundstrat has a 2018 year end target price of $25,000, and Tim Draper has a 2022 target price of $250,000.
Are we out of the woods? It is hard to tell. The longer the market consolidates at this level, the better it is because investors have more time to regain confidence and slowly put money back into the market.
Samsung Is Building ASIC Chips for Halong Mining: https://bitcoinmagazine.com/articles/samsung-building-asic-chips-halong-mining/
Yahoo Japan is Buying 40% Stake in Cryptocurrency Exchange: https://www.ccn.com/confirmed-yahoo-japan-is-buying-40-stake-in-cryptocurrency-exchange/
Bitcoin market opens to 1.6 billion muslims as cryptocurrency declared halal under Islamic law: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-islamic-law-muslims-cryptocurrency-market-permissible-sharia-news-price-surge-a8302761.html
Vietnam Investigates Alleged $660 Million ICO Fraud of Pincoin, Ifan: https://www.ccn.com/vietnam-investigates-alleged-660-million-ico-fraud-of-pincoin-ifan/
$3.5 Million in Bitcoin Missing From India’s Coinsecure Exchange: https://bitcoinmagazine.com/articles/35-million-bitcoin-missing-indias-coinsecure-exchange/
Bitmain Gets Go-Ahead for US Bitcoin Mining Operation: https://www.coindesk.com/bitmain-gets-go-ahead-us-bitcoin-mining-operation/
Articles From Crush Crypto
Merculet ICO Review: https://crushcrypto.com/merculet-ico-review/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.