Bitcoin Price Breaks to New Post-Greece Crisis Low, Litecoin Tumbling
- Bitcoin broke through its post-crisis low of $281 on Bitstamp, falling to $279, and further declines appear likely.
Only a few days ago, crypto enthusiasts were euphoric as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) climbed as high as $318 on speculation fueled by the Greece crisis, coming within a hair of breaking even for the year. Litecoin (LTC/USD) capped an unbelievable rally to $8.65, gaining over 500% in just over two months.
But as we assessed at the time, closure on the Greece front- in whatever form it takes- will disperse the uncertainty essential for speculation to flourish.
Bitcoin just broke through its post-crisis low of $281 on Bitstamp, falling by 4.8% to $279, and further declines appear likely. After its fall of 8.5% immediately after the Greece deal earlier this week, it managed to retrace as high as $297.
Litecoin has resumed its fall as well, giving up 25% during the past 24 hours. It broke through its post-crisis low of $3.61, hitting $3.40. The sudden drop of over 58% late last week erased the majority of gains realized from its rally, raising suspicions of price manipulation. Accelerated selling appears likely before prices stabilize.
The LTC/BTC rate has returned to 0.0126, challenging the lows set following the big drop.
Litecoin is now within striking distance (13%) of crossing back below its 50-day moving average (MA), which may be a major bearish signal for traders. Litecoin has held its ground above the mark since mid-May.
The second half of July last year heralded a major decline for the markets, reaching a climax during the August sell-off.
Only a few days ago, crypto enthusiasts were euphoric as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) climbed as high as $318 on speculation fueled by the Greece crisis, coming within a hair of breaking even for the year. Litecoin (LTC/USD) capped an unbelievable rally to $8.65, gaining over 500% in just over two months.
But as we assessed at the time, closure on the Greece front- in whatever form it takes- will disperse the uncertainty essential for speculation to flourish.
Bitcoin just broke through its post-crisis low of $281 on Bitstamp, falling by 4.8% to $279, and further declines appear likely. After its fall of 8.5% immediately after the Greece deal earlier this week, it managed to retrace as high as $297.
Litecoin has resumed its fall as well, giving up 25% during the past 24 hours. It broke through its post-crisis low of $3.61, hitting $3.40. The sudden drop of over 58% late last week erased the majority of gains realized from its rally, raising suspicions of price manipulation. Accelerated selling appears likely before prices stabilize.
The LTC/BTC rate has returned to 0.0126, challenging the lows set following the big drop.
Litecoin is now within striking distance (13%) of crossing back below its 50-day moving average (MA), which may be a major bearish signal for traders. Litecoin has held its ground above the mark since mid-May.
The second half of July last year heralded a major decline for the markets, reaching a climax during the August sell-off.