BTC Dump Coming? – Traders Fear After New $11,000 High

BTC dump could be coming on the market since its price refuses to let the steam off and now traders are wondering whether this will happen. The number one cryptocurrency soared above $11,000 for the first time since 2018 and now let’s find out more about the price analysis and expectations in the altcoin news below.

Investors bid the bitcoin price up to $11,215 on the Coinbase crypto exchange. This movement pushed the asset to an additional 13 percent up for the day launching the highest month-to-date gains above 30 percent. The past 24 hours also helped bitcoin to reach a ‘’real 10 volume’’ which reportedly eliminates all the suspicious traders.  Following the upside move, the price of the digital asset is now trading at 45 percent lower than its all-time high which was almost $20,000 back in December 2017. Moreover, the cryptocurrency has just recovered by nearly 260% from its 2018 low including the return of 200 percent.

The bitcoin price started climbing higher on Wednesday right after the Federal Reserve announced the plans to cut interest rates in July. The move by the agency left the US dollar in a weak position which sent the benchmark S&P 500 Index and the haven asset in the coming sessions. Some of the cryptoanalysts speculate that the investors are now turning to bitcoin as an alternative regarding the uncertainty over the trade war between China and the United States.  Now, BTC dump is fearing the traders since Greyscale Investments also pointed out that the ongoing tension between both fo the countries left the investors in China with a weaker Chinese Yuan. The report stated:

 “While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”

A huge part of the Bitcoin bullish movement came thanks  to the Libra crypto project and the London Capital Group executive Jasper Lawler noted that the Facebook token will act as a gateway to the crypto market for 2 billion users as noted in the latest cryptocurrency news:

‘’Libra will expose 2 billion Facebook users to crypto. Because of its huge network of over 2 billion users, Facebook products cast a wide net. Libra will breed familiarity of cryptos to a much wider audience. Two billion people will now be much more open to Bitcoin and other altcoins.”