Bitcoin Today: John Griffin everywhere
Bitcoin / Dollar BITFINEX:BTCUSD
Yesterday bitcoin showed one more dip, below the 6400.0 level, but was brought back quickly and returned above the 6425.0 level. Such behavior confirms that 6000 – 6400 zone has a strong supportive value for the market. Still, considering the scale of the latest fall, we can expect at least a couple-day long correctional pattern, before the market will be ready to turn upwards. Visually, borders for the upcoming turnaround pattern are 6000.0 – 7000.0. Breakthrough above 7600.0 will restore all losses from the recent fall and bring back positive perception of the market by traders. For now, the best scenario that we expect is testing of the 6650.0 resistance level , and attempt to hold above it. From the downside, 6000 – 6400 zone stays supportive.
Trading in the 6000.0 – 7000.0 zone. High risk of further fall-down.
- CFTC Subpoenas Cryptocurrency Exchanges In Bitcoin Futures Investigation
At least half of last year's price boom for Bitcoin and other cryptocurrencies was prompted by price manipulation, according to a new University of Texas study reported by the New York Times .
Why it matters: The paper — authored by John Griffin, "an academic with a history of spotting fraud in financial markets," and graduate student Amin Shams — raises questions about whether 2017's spiking prices truly reflected investor demand for cryptocurrencies.
- Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China
Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet .com reported June 12.
In a recent interview with Stifel Tech Analyst Lee Simpson, Garlinghouse delved into a number of topics related to blockchain technology and the crypto world, and claimed that BTC is under the control of China, saying:
“I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50 percent of Bitcoin . How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”