Bitcoin has come off its lows of the day but it is way too early to call a recovery on play. However there is certainly some buying of the dip going on, but will it be yet another sucker punch for bulls?
Bitcoin is trading at $4,800, according to coinmarketcap, now only 6% down compared to the 15% deficit this morning.
Trading volume in the bitcoin market has risen to $8.7 billion.
News is spreading of miners pulling out of the market and there will surely be hundreds more project closing down as values start getting market to zero.
But those sorts of tales are exactly what is needed to get the market back on its feet.
Tether and Bakkt
However, 50 million Tether has been issued today so that may have helped the price comeback.
Yesterday it was revealed that the US Justice Department is investigating Tether and Bitfinex for market manipulation.
In other news, Intercontinental Exchange’s Bakkt exchange will now start trading on 24 January 2019, according to an announcement today. December 11th was the previous launch date. ICE owns the New York Stock Exchange.
The Bakkt Bitcoin futures is physically delivered on expiry unlike the CME and Cboe cash-settled instruments.
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