It would be easy to dismiss these things as coincidences and yeah, stranger things have happened in Crypto. But the big news this morning in the Asian Markets is how Bitmex went down and coincidentally pumped the market with a single 100 Million candle. The spike happened at 1 am UTC and Bitcoin went as high as $6850 then fell down quickly at 2 AM while the exchange was still down. Amid the DDoS reports, logging in problems and maintenance, many traders saw their position getting called. Buy orders were not successfully canceled and stop buys still triggered which left many users “rekt”. The social media is full of manipulation calls for the “unnatural” pump.
This pump added as much as $12 Billion in the crypto coffers earlier but as of this morning, it has receded to $217 Billion. Still, that’s a $6 Billion addition which is more than welcome in today’s crypto standards. As it stands, the current market capitalization is still down by 60 Billion this month. Volume is still lackluster at 12 Billion. Bitcoin dominance is climbing at 53%.
Bitcoin (BTC) is currently standing at 3.50% and trading at $6668. Its upswing seemed the have pushed the market, albeit temporarily. For the past days, the Bitcoin has been hanging around $6400 and we have been mentioning $6550 as the resistance which it successfully broke after several tries. The Bitmex incident also broke $6620 which is also a major resistance. The technicals are rather bullish today. On the upside, we could be testing $6800 next and may as well test $7000. Now we have $6550 as the current support. On the downside, we have several strong support on the $6400 level.
Ethereum (ETH) was still on the same level it was yesterday and did not benefit much from the event. It is currently trading at $284, a mere 0.74% rise from yesterday’s $281. Eth traded as low as $268 before forming an uptrend against the USDT. The price also surged above the $290 level before retreating to its current price. It has to recover back to $300 before it can gain decent gains in the near term.
The Top 10 is squeezing for some good gains today and on top is EOS which is at 3.48% and trading at $5.05. Litecoin follows with 3.34% growth. Stellar went as high as 5% before going down to 2.88% on the day. The rest are in 1-2% gain with only Monero in the red at -0.36%.
The Top 25 has VeChain still leading the board 8.80%. VeChain has been performing rather well for the past days and its surge is probably not a result of the Bitmex incident. It is now trading at $0.015 -almost a hundred percent increase from its last week’s performance. Lisk is also on a similar trend at 6.61% and exchanging hands at $4.22. Others are at 1-3% level with only a few reds.
The altcoins from the Top 100 are mostly green today after yesterday’s red performance. It might be a temporary respite though as we are seeing a downtrend already coming as a backlash from Bitmex “manipulation” tactic. Cortex is back on our best performing coin today with 24.48%. Waltonchain is rising at 16.39%. Aurora is up at 14.55%. PIVX is starting to wake up and recover at 10.50%. Kin and Aion are the top losers today losing 5% on the day. The rest of the reds are a sprinkling of 1-4% loss.
This post first appeared at CoinDNA – Crypto Market Shoots Up After Bitmex Downtime Incident, Bitcoin Pumps and Price Manipulation Accusations Abound
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