Massive Hacks, Price Targets and a Bitcoin ETF: This Week in Crypto
Bitcoin is up 2.69% this week to $6,700 surpassing $6,500 late last week after oscillating between $6,300 and $6,400 before flirting with the $6,600 level and the $6,200 level within days of each other. This week was remarkably similar but ended higher with this week starting off at the $6,500 level and managing to hold it coming into this week until Monday when the price hit $6,274 before coming back to the $6,500 level on Tuesday as some alts like Ripple surged. The next day was not quite as fruitful with prices falling back to the $6,200 level and oscillating between $6,200 and $6,400. Later in the week, the price managed to regain the $6,500 level showing several bullish indicators in CCN’s own Yashu Gola‘s analysis. The price finally ended at $6,700 as alts like XLM and Ripple continued to rally. The last time we were at this level was in the face of the 9 ETFs that were rejected.
Ethereum is up 10% this week to $240 after a gain of 16% last week. The gains are a recent phenomenon with preceding week having a drop of 31% last week, 5% the week before and drops of 11% and 24% in the preceding weeks with single and double-digit drops going back months. The recent drops have continued to be blamed on ICO sell-offs and the recent price gains are seen by analysts as evidence that the price is coming back. It wasn’t until last Thursday that, despite negative statements by Vitalik, the price increased 9% and analysts said we’d finally hit ‘a’ bottom. This week wasn’t all gains with the price briefly dropping below $200 on Monday.
Source: CCN News