Bitcoin price short term(blog 1)
After the head of JP morgan Jamie Dimon said that bitcoin is 'fraud' bitcoin price is dropping and potentially will hit at 3600 to 3700 since there are not enough people willing to buy in at the higher price at $4200 to 4600. These statements have swayed the cryptocurrency community and it is obviously affecting the markets and in my opinion would be wise to move to a stable asset. It also doesn't help that all the speculation out of china on exchanges. This hopefully will garner the opportunity to buy in at a cheaper rate getting more shares. Altcoins will be affected as we have already seen a drop across the top 100 on coinmarketcap. Maybe this is a tactic for the banks to buy cheap bitcoin since news does drive the markets to a certain degree.
Remember trade at your own risk, this is only my personal opinion from analyzing the charts
disclosure: any money lost on any trades is of your own doing and at your own risk
Why would a statement from a bankster affect the cryptocurrency markets?! I think it is just a coincidence.
The downturn must have been caused by something else.
cryptocurrency is different than trading stocks or bonds because of the affect of "bad press" . coins news and updates definitely sway price and play a role in changing markets especially the china exchange ban scare. uncertainty causes volatility and the news has shaken a lot of weaker hands but has granted an opportunity for people to buy bitcoin at a cheaper rate for better potential gain. Remember there are also large groups of traders (whales) that plan sell offs together so they can buy back in at a lower price gaining more share.
buy buy buy buy now, if JP is saying sell