This is a news update, NOT INVESTMENT ADVICE.
Well the top 100 are back in the green today. Bitcoin even became the star of New York Fashion Week. During the Ovadia & Sons men’s show, one model wore a teal shirt with the words: “Bitcoin accepted. No cash.”
If we take a look at coinmarketcap.com we can see that Bitcoin is back over $8,000. Bitcoin is currently around the same level it was at in November. 2017 was the year that Bitcoin took the world by storm and became a global star. It started the year at around $1,000 and climbed all the way to $20,000 on December 17th. It been on a downward slope since January 7th.
News surrounding Tether and Bitfinex receiving a supeona most definitely did not help the situation. Tether was apparently created to bring some stability to the cryptocurrency market and had been considered as the stable coin. But does Tether have enough liquidity to cover all its tether cryptocurrencies with US dollars? This is a big question everyone wants to know.
When almost everything was in the red on February 6th, we saw E-coin hit a record high of almost $290 and on the very same day it plummeted all the way to $3. So why it did happen in such a dramatic fashion, was it due to a pump and dump scheme? There was speculation that perhaps one investor was responsible for such a high volume trade.