Yahoo Finance Rebound in Cryptocurrencies Prices Early Today, Ripple Surges over 50%
Traders are debating the significance of the volatility in cryptocurrencies and fast conditions are expected to continue.
Debate Continues on Cryptocurrency Volatility, Wild Day of Trading Yesterday
Short term traders within cryptocurrencies had their courage tested yesterday as a whirlwind of pressure on the major coins created large declines, some stability and then a rise in values. Debates are raging on social media regarding the significance of the drops experienced by Bitcoin and other cryptocurrencies. Some cryptocurrency evangelists are calling for traders to buy on dips, while others ask sarcastically which dips they are referring to. One thing is for certain, volatility will continue.
Bitcoin Hovering Near 11,000 U.S Dollars, Speculators Looking at Pivot Point
While it is tempting to speak about the market swings seen in Ethereum, Ripple and other cryptocurrencies yesterday, the wild ride in Bitcoin stands out. Bitcoin dropped to a low water mark of nearly 9,300 U.S Dollars but then saw a surge upwards which took it above 11,000. Bitcoin has range traded this morning and it is near the 11,200 juncture. Short term traders should keep their eyes on the 12,000 U.S Dollar mark as a potential pivot point for speculators. Ripple is the star of the day so far with an increase of 50%, trading at $1.50.
South Korea Considerations Raise Worries Again
News has developed in South Korea again, as the nation considers a closure of cryptocurrency exchanges. This is important because South Korea possesses many traders. However some analysts point out, if South Korea were to shutter its exchanges, people holding cryptocurrencies would be able to transfer their balances to exchanges outside the country because of blockchain’s capabilities.
Bitcoin and Blockchain Conference the Philippines on the Calendar
A Blockchain and Bitcoin Conference will be held in Manila starting on January the 25th.
25, Philippines, Blockchain, and Bitcoin Conference in Manila
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
