Massive Crypto Recovery Takes Bitcoin Back To $8,000

In the latest cryptocurrency news, we are seeing a massive crypto recovery which made the Bitcoin (BTC) price surge again by more than 10% in the past few hours. In short, Bitcoin went from around $7,300 to around $8,000 in major markets including the US where it demonstrated a strong recovery from its abrupt drop to $6,400 over the past week.

Right now, no one knows the reason for this massive crypto recovery. However, the analysts including Dovey Wan who is a founding partner at Primitive, believe that it was likely due to manipulation engaged by a single investor. As Wan believes, the investor sold 5,000 BTC on Bitstamp which triggered contracts on BitMEX which heavily relies on Bitstamp – in order to get liquidated.

This is what happened

1. A jackass put up an aggregated sell of 5000 $BTC on stamp

2. Stamp poor depth + algo glitch?

3. Bmx index is 50% on stamp

4. Massive Bmx liq tanked the mkt

5. Despite all ☝🏻BTC quickly bounced back to $7000

This might be the best chance to BTFMD

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) May 17, 2019

In the coming altcoin news, the price situation is also very good. It seems like Bitcoin’s retracement and the massive  crypto recovery led a lot of altcoins to surge upwards from 8%. For example, Ethereum rose to $258 in a 9% surge while Ripple (XRP) surged by 10% and arrived to the $0.4 price point.

Bitcoin Cash (BCH) had a great price action and managed to rise by more than 16%, going to $414 followed by Litecoin which demonstratet a 9% growth and stabilized at $94. All of these prices are reported at press time.

A cryptocurrency trader with an online alias “Satoshi Flipper” was also in the altcoin news, saying that BTC is very likely to face healthy retracement in the near-term – as a cool down period coming off of a massive crypto recovery and a rally that has put it to $8,000.

“I’ve been definitely vocal about a healthy BTC retrace, but I do not believe it will be a drastic 30% retrace back into the $4k’s. Once we form a local top, I believe we will 10% at the most, then settle down sideways. That is when we’ll have a real altcoin season that everyone is expecting. Upon the immediate retrace, altcoins will take a small hit, but then when BTC settles down sideways, altcoins will rebound in a huge way.” the trader said.

There are many analysts sharing their opinions on the massive crypto recovery right now. And while no one knows the pace for Bitcoin, the best cryptocurrency news sites show that this rally is a good sign for the entire market.