Massive BTC Rally, Possibly Due to BitMEX Maintenance
Hey guys!
BitMEX announced maintenance and BTC price shoots up over $400! This is likely because as BitMEX is down, there were no shorts able to stop the price going up so fast. Some Redditors are speculating that as BitMEX comes back online, we will be seeing a dump in the price while others are speculating that we will only see price pump harder as BitMEX comes online.
Speculation
If the price dumps that would indicate the market is not actually healthy, and merely some opportunists finding a good time to pump and dump BTC. However, if after BitMEX comes online the price can sustain these levels or even rise higher, I feel like this could be the turning point of the bear market, especially with ETFs regulation news coming up very soon.
Here's a Tweet from the official BitMEX account and here's the Reddit post I got this information from.
My opinion
Regardless of whether this rally is short lived or is really the start of the next bull run (not hopeful), I'm just happy to see some green for a change! I know what goes up must come down eventually, so this bear market wasn't all that surprising when I really think about it. But, I also know that since these markets are usually quite cyclical, what goes down must also go up! Historically, we've always seen higher highs and since our technology is still in its infancy, I'm expecting much higher highs, especially for small market cap alt coins with huge potential (like Steem). We have the potential to truly disrupt the current norm as we know it.
Steem Price
Despite the rally, Steem is still trading barely over $0.90 and is still down around 2% in terms of its BTC ratio. Hopefully with so much positive news for Steem like the upcoming hard fork, new developments and finally a hard, set in stone date for the SMTs release, I'm hoping the price of Steem will reflect all that good news soon!
Massive pump and dump.
btc wil rally soon whtih steem on januari march
I pray the price doesn't dump after bitMEX comrs back online
lol, I don't mean to laugh but a bit ago I just watched like a six minute video on the same subject, the guy obviously doesn't know a systems down and he was integrally using slide bars to point to comparisons of similar movements, etc., when, in actuality, it could just be the maintenance issue that caused the movement....I guess one can only see the humor in that momentarily....unless tomorrow comes and it drops, then it will be funny but not so funny if you get my drift.
LOL I could imagine the look on his face if it came crashing down again tomorrow haha, but for the sake of my sanity, I really hope it doesn't!
BTC might face resistance at 6800$
It seems that way, as we have fallen below $6,700 again.
btc will rally any moment this week trust me
I think Bitmax is not a big reason
What do you think is contributing to the price increase? Just natural market movement?
Probably it manipulation by wheels
haha ye whales playing
Bitmex
You have recieved a free upvote from minnowpond, Send 0.1 -> 10 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!
As a Nigerian boy, i know i will be wrong if i say this will make steemians rich and is for people like me. The rich get richer and the poor remain poorer. @cryptoeater
After some time steem gets its price back in SBD. This is good news for all steemit users. Thanks @cryptoeater for giving us such great news.
Posted using Partiko Android