Bitcoin rises after Bitfinex comes back online and 6 June reversal trades kick in

Well it turns out the bitcoin price reversal pattern on 6 June is holding to historical norms with the leading crypto bouncing off recent lows. The question now is will the rebound continue to strengthen and force a breakout above $8,000.  Bitcoin will meet resistance above $8,500 last seen on 21 May. Currently bitcoin is holding at its 50-day moving average as bulls eye a move above $7,800 to signal accelerating forward momentum.

Bitfinex which was hit by yet another distributed denial of service attack yesterday is back up and running.. The price of bitcoin leapt $100 on the news, released at noon Eastern Time. Kasper Rasmussen, head of marketing t British Virgain Islands-based Bitfinex, said in a statement. “The exchange was offline for an hour following the DDoS attack; however, the exchange is back online now. The attack only impacted trading operations, and user accounts and their associated funds/account balances were not at risk at any point during the attack.”

Bitcoin jumped as soon as Bitfinex came back uup

Bitcoin jumped as soon as Bitfinex came back

In 2016 Bitfinex lost $68 million in a hack. More recently the exchange has been attacked by unknown individuals or groups apparently concerned by the relationship of Bitfinex with Tether and the alleged issuance of unbacked (by US dollars) Tether tokens.

Forbes’ interactive bitcoin price estimator has revised its year-end price for bitcoin down from $15,000 to $12,500 on the basis of slower growth in unique users and transaction volume.

Elsewhere, Ripple chief executive Brad Garlinghouse is downbeat about bitcoin’s prospects: “I think it’s (bitcoin) not going to be the panacea that people once thought it would be, where it would solve all of these different kind of problems… Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”

Ripple’s many critics inn the crypto space will likely dismiss his comments as typical of the custodian of a highly centralised token, XRP geared towards helping the current banking incumbents to implement blockchain solutions for their businesses.

In other developments, Chicago-based Jump Trading has built an over-the-counter trading platform for bitcoin, according to Business Insider. Trading firms are using phones and Skype to conduct business and this would be the first time an OTC trading set-up has been put together for electronic bitcoin trading. Jump Trading specialises in high-frequency trading and its OTC efforts would be a further sign of the market maturing.

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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