Bitcoin: time to buy?
The world’s largest cryptocurrency by market capitalization has dropped over 10% on Sunday, taking its year-to-date losses to 50% amid the reports that a relatively small South Korean cryptocurrency exchange Coinrail was hacked. Despite Coinrail’s public statements did not mention bitcoin , BTCUSD suffered dramatically along with other digital currencies and broke below $6,700, to two-month lows.
Another significant driver was the report from The Wall Street Journal that US regulators are investigating potential price manipulation at four major cryptocurrency exchanges: , Coinbase, itBit and Kraken. As these are big names in the industry, this caused the negative and cautious background in the market.
Following a major one-day dip, bitcoin is attempting to stabilize and refrain from further losses. The BTCUSD pair seems to find a bottom at $6,650 and could recover from here in the short term, though the impetus looks limited. Bitcoin looks rather attractive for buying now, but it still may go a bit lower should some more news from the US regulators come in the nearest future. So it’s early to call a bottom, but some players may decide to buy some coins at the current two-month lows.