Bitcoin Bounces at $250 Dollars
By Fx Livermore on June 28, 2015 11:59:21 GMT
Want to Trade Bitcoin? Forex News Recommends Click Here To Learn More.
Bitcoin bounced at the $250 dollars mark, twice. The first attempt to break higher came in the early part of today’s trading session. Prices traded as high as $249.97 before falling back to a low of $247.03.
Around mid-day the second attempt saw BTC/USD rally to $249.95 before eventually closing the day at $246 dollars per coin. We are currently quoted not far from the close at $246.67 dollars.
On OKCoin the bounce happened at $251.36. From here on out, bitcoin slowly lost ground all day. Prices are currently trading at $248.21 on the spot exchange. Meanwhile futures maintain the $8 dollars premium. The far out September 25th contract is quoting $256.01 while he nearer July 3rd contract is at $251.39 dollars per coin. To avoid repetition, read our yesterday article for the levels we’re watching.
With the Greek drama entering its final act, we will finally have a chance to see if capital controls will trigger a bitcoin rally, Cyprus style. As we reported few days ago, major media outlets have tried to tie these two events, implying that Greeks are converting their savings to to bitcoin. This was claimed despite evidence to the contrary, with bitcoin exchanges reporting little or no traffic increase from Greece.
Over the weekend a series of events lead to capital controls in Greece. First the Greek prime-minister called a referendum on the bailout offer for July 5th. Then the ECB halted the ELA funding for Greek banks, in essence pulling the plug on the banking sector. In the current situation of massive withdrawals, this means that Greek banks will come up short when depositors ask for their money. To prevent a bank run, the government instituted capital controls.
So far bitcoin has failed to rally much on the Greek news. But we should give it some time as cryptocurrency markets can be slower to absorb and price in news. If BTC fails to rally, this should finally put this myth to rest. But even if bitcoin rallies, the reason will probably not be Greeks buying BTC but bitcoiners themselves. The short history of bitcoin has shown it to be immune of capital controls. After a long 18-month period of mostly red ink, the Greek saga may act as a reminder to the benefits of bitcoin, a currency free of government control.
Get our free guide to bitcoin trading here.
By Fx Livermore on June 28, 2015 11:59:21 GMT
Want to Trade Bitcoin? Forex News Recommends Click Here To Learn More.
Bitcoin bounced at the $250 dollars mark, twice. The first attempt to break higher came in the early part of today’s trading session. Prices traded as high as $249.97 before falling back to a low of $247.03.
Around mid-day the second attempt saw BTC/USD rally to $249.95 before eventually closing the day at $246 dollars per coin. We are currently quoted not far from the close at $246.67 dollars.
On OKCoin the bounce happened at $251.36. From here on out, bitcoin slowly lost ground all day. Prices are currently trading at $248.21 on the spot exchange. Meanwhile futures maintain the $8 dollars premium. The far out September 25th contract is quoting $256.01 while he nearer July 3rd contract is at $251.39 dollars per coin. To avoid repetition, read our yesterday article for the levels we’re watching.
With the Greek drama entering its final act, we will finally have a chance to see if capital controls will trigger a bitcoin rally, Cyprus style. As we reported few days ago, major media outlets have tried to tie these two events, implying that Greeks are converting their savings to to bitcoin. This was claimed despite evidence to the contrary, with bitcoin exchanges reporting little or no traffic increase from Greece.
Over the weekend a series of events lead to capital controls in Greece. First the Greek prime-minister called a referendum on the bailout offer for July 5th. Then the ECB halted the ELA funding for Greek banks, in essence pulling the plug on the banking sector. In the current situation of massive withdrawals, this means that Greek banks will come up short when depositors ask for their money. To prevent a bank run, the government instituted capital controls.
So far bitcoin has failed to rally much on the Greek news. But we should give it some time as cryptocurrency markets can be slower to absorb and price in news. If BTC fails to rally, this should finally put this myth to rest. But even if bitcoin rallies, the reason will probably not be Greeks buying BTC but bitcoiners themselves. The short history of bitcoin has shown it to be immune of capital controls. After a long 18-month period of mostly red ink, the Greek saga may act as a reminder to the benefits of bitcoin, a currency free of government control.
Get our free guide to bitcoin trading here.
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