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Bitcoin Price Drop Below $8K Despite Positive News In Recent Day -

Mar, 15th 14:31

Bitcoin has slipped below the $8000 levels and is currently trading $7899.96. This a considerable 14% drop in its value the previous day. But it’s not just Bitcoin contributing to the market woes.

The recent correction in the crypto market is majorly attributed to the latest U.S Congressional Hearing held yesterday, on March 14, wherein many of the U.S representatives and government officials expressed serious discontent with the state of cryptocurrencies and asked for some serious regulatory measures to be introduced in place for protecting investors money. Recently, IMF chief Christine Lagarde proposed the idea of using the blockchain network itself in order regulate the crypto space.

Moreover, Bloomberg reported that investment firm Allianz said that Bitcoin has absolute zero intrinsic value and is a major bubble. Stefan Hofrichter, the firm’s global economics and strategy head said: “In our view, its intrinsic value must be zero. A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.

On the other hand, popular crypto-trading exchange Binance also announced that it planning to launch its own blockchain network called as the Binance Chain and will be slowly transferring its operations on the trading platform to its decentralized network. Thomas Reuters has also announced that it will be launching a new Bitcoin Sentiment Data Feed that will help a majority of the crypto traders to follow the situation of the crypto market.

On the technical charts, BTC/USD is trading sideways testing the lower band of the Bollinger bands. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 39.17 and the MACD is below the signal line.

Trade suggestion:

Buy digital Put options between 8020 and 7500, valid until 23:00 GMT March 15, 2018