A researcher from the Stevens Institute of Technology in Hoboken has revealed that the price of Bitcoin is somehow manipulated by public sentiment. The result has been revealed by the assistant professor of information system Feng Mai, “This was the first robust statistical finding to verify that social media and Bitcoin prices are actually linked.”
The CEO of Coinbase, Brian Armstrong was giving some insights to the newly employed staff claiming to remain positive with the volatility of Bitcoin price in his official Twitter account. Armstrong tweeted, “It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.”
The price of Bitcoin is currently above $6,700 level. The crypto price is reported to have had a solid support above $6,300 level against the US Dollar. The crypto also rallied above $6,800 level. The resistance level of the crypto is marked above $6,500 level. NewsBTC quoted it as a ‘buying opportunity’ as long as the crypto price is above $6,500.
The CoinMarketCap announced a series of updates in their cryptocurrency price data websites. According to the report, the update made by the CoinMarketCap aims to improve user experience in its mobile app by offering a user-friendly update. CoinMarketCap reported to Wall Street Journal that their vision is to become “a neutral and accurate source for the cryptocurrency community.”
A study, by a finance professor at the University of Texas, John Griffin and Amin Shams, reveal the factors behind bitcoin price manipulation. The study found “less than 1% of hours with heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
The price of bitcoin has dropped below $6,500. It is reported that the crypto price has lowered to such level since the early November 2017. The prices of Ethereum, ripple, and litecoin have also lowered. Daily Mail quoted the findings of U.S. academic research that the ‘major factor in the boom was a small number of owners driving up the price.’
The bitcoin price dropped down by $500 and had hit a two-month low falling to $6,700 level. It is reported that the crypto price ‘failed to find solid support in the $7,470 zone,’ before tumbling 11% to $6,647. The market capitalization of the cryptocurrencies is now at $295 billion which was at $340 billion yesterday.
Brad Garlinghouse, the chief executive of Ripple, mentioned crypto as ‘a nascent industry’ in an interview with the CNBC. He emphasized, “The speculation in the market dominates the trading activity. I think it is a matter of time until people better understand the different use cases.” He predicts that the bitcoin dominance would come to an end.
Tong Huashun enabled the users to track the price of cryptocurrencies. However, the service has been removed from the stock trading application two weeks post their new services launch. The application helped the users keep track of the prices of bitcoin, bitcoin cash, Ethereum, XRP, and LiteCoin. However, there was no in-app trading service available.
The bitcoin price has fallen below $8,000 level. It is reported that the price has dropped by 20% over the past two weeks leaving the crypto tough $7,876. CoinMarketCap data revealed that the XRP and Bitcoin Cash have also tumbled at $0.63 and $1,120 respectively. It is observed that all the top cryptos are sinking by 10% to 20% in value.