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On December 22, 2017 at 03:21 PM,
Bitcoin (BTC) was traded at only
USD 10,400. What a massacre
compared to the price of a Bitcoin
five days before!
At the end of this article, we discuss
the impact of this Bitcoin massacre
on the launch of the Futurocoin on
January 7, 2018.
Why happens this Bitcoin (BTC) massacre?
On December 17, 2017, 01:30 PM, Bitcoin had reached an all-time high of UDS 19,891.99.
Only five days later, the price of the Bitcoin halved and on December 22, 2017 at 03:21, BTC sold for USD 10,400 only.
No doubt, such a high volatility is noteworthy even on a cryptocurrency. What is the reason for this heavy and fast downward move of the Bitcoin and some other cryptocurrencies?
The USA confiscated cryptocurrencies like Bitcoin and BCH
“Back in 2016 in Salt Lake City, Aaron Shamo with his partner-in-crime sold medicaments via dark web. In November 2016, police stopped him, what was considered as the biggest stopping in the history of USA. Aaron was accused of multi-million, organized trade of illegal prescription drugs.
After the end of a lawsuit, the government became the owner of confiscated cryptocurrencies. According to court’s statement, all the digital coins were transferred to government’s wallet. Now the group of specialists is working out on selling them. At this moment, the value of criminal’s assets is over 10 million dollars due to the high increase of cryptocurrency exchange rate. The cryptocurrencies that have been chosen by criminals were Bitcoin and Bitcoin Cash. As we know, since November 2016 the exchange rate of Bitcoin increased over 250%. Bitcoin Cash did not lag behind. Since the fork, its value increased almost 230%.
Due to possible rapid change of exchange rate of both cryptocurrencies, USA is planning to sell them as fast as they can. To avoid the market downturn coins, the governments will sell them on a few commercial markets only. What’s more, coins will be divided into smaller parts, 50 coins at the moment to avoid the loss or a fraud.” – blockchain24.co
Bulgarian government possesses 3 billion US-Dollar in Bitcoin
“Bulgarian government is in shock since they have found out they are holding the amount of more than 200 thousand Bitcoins, which is over 3 billion USD. The situation gets even more interesting when considering the fact that this money is 18 percent of Bulgarian GDP.
The Bulgarian government owns exactly 213519 BTC, which Bulgarian services confiscated in the beginning of this year, from organized crime groups. In May this year the amount of confiscated Bitcoins was worth 500 million dollars, and today it is worth almost 3.5 billion dollars. The real concern right now is what Bulgaria is going to do with this money. Economists and Bitcoin investors fear that they may try to monetize the cryptocurrency which would be a real Bitcoin flood on the market. That probably would cause the enormous drop of the Bitcoin price. Bulgarian government haven’t released any official statement on that case yet.” – blockchain24.co
Will this Bitcoin massacre continue?
Yes, it will. The uncertainty will remain in the market until both governments have sold their positions of BTC, BCH and some other cryptocurrencies. The flood of BTC that is available to the governments will cause a setback on certain levels. For the near future, the high volatility will characterize the crypto markets.
What shall the cryptocurrency investor do in this situation of uncertainty?
There is no doubt about the fact that the price of Bitcoin and other payment coins will spiral upwards on the long term. As the maximum number of coins of a cryptocurrency is predetermined, its price will increase logic when more people use it for payment purposes. The number of acceptance places for Bitcoin will be dramatically boosted in the near future.
Invested people can apply one of two different strategies in the actual high volatile market. There is nothing wrong with keeping one’s Bitcoins in the wallet, the coins will gain value again on the long term. Traders that are more active will help to sell down Bitcoin and buy it again on a lower price level. Everybody has to decide for himself, which strategy he wants to chose.
Technical Analysis of BTCUSD
The technical analyzes of the BTCUSD price is based on the above chart.
We can easily see the top price of 19981.99 on 17th and the low price on 10,400 on 22nd. Since then, the price of the BTC is tending sideward approximately in the middle of the mentioned price range around 14,600 and down to 12,600. Of course, in the beginning of 2018, the traders will test the downside before they buy Bitcoins again. I expect the price of the Bitcoin to fall to the level of 7500. There, it will recover ground again.
The Stochastic indicator shows an interesting pattern. While the longtime trend (1) is still intact, the short-term trend (2) lets us assume a further downwards move (red circle in the chart). At this moment, it is quite uncertain, if the long term upwards trend will continue from this level, or if a new long-term downwards trend will take over.
In the beginning of 2018, we will see, in which direction the price of the BTC will go.
Bitcoin’s impact on the launch of the Futurocoin
The launch of the Futurocoin will be on January 7, 2018.
This will be a remarkable event, as never before such a huge community was waiting for the launch of a new cryptocurrency. The Futurocoin is a payment coin and its transactions will be much faster than those of Bitcoin will. Actually, all top five coins have a purpose. Ripple is dedicated for building a network of fast transactions between banks. The other four cryptocurrencies, which are Bitcoin, Ethereum, Bitcoin Cash and Litecoin, are also payment coins.
The Futurocoin payment application can handle Bitcoins too
Futurocoin offers a payment application that can also handle Bitcoin. There is a community of 2 million on stand by for acquiring new acceptance points. This will not only boost Futurocoin, but also Bitcoin. It is the ambition of the community behind Futurocoin, to bring their new coin up to the Olympus of the top five coins.
BitBay exchange will have the Futurocoin listed
On January 7, 2018, the BitBay exchange will have the Futurocoin listed for the first time. It is my plan to buy some cheap Futurocoins right after launch. I expect a price between €20 and €100 for the first trades. However, the price of the Futurocoin will rise fast as there is a huge demand for this coin. Personally, I expect the price of a Futurocoin in ten years above €10,000, very similar to Bitcoin today. Imagine, what this means for you in the future, if you manage to buy fifty cheap Futurocoins right after launch!
Are you ready for this major launch? Join the BitBay exchange now: Link to BitBay Registration.
Once you registered at BitBay, put some money in your BitBay-account and you are ready for profiting from the first trades on the Futurocoin.
All those who think on their’s feet can still get 50 Futurocoins until January 7, 2018!
Join Futurenet Club here and upgrade to Royal. All Royals will get their 50 Futurocoins on January 7, 2018!