Price Pumping By 2.5% on Bitcoin at Binance at 7 pm every dayMay 13, 2019
The jaw-dropping trends of Bitcoin have been following a rapid progression, and there is a buying pressure in the market. The price of the cryptocurrencies changes from one exchange to another. It has been noted that Bitcoin (BTC) traded ahead outrageously by $300 in comparison to other major exchanges. Therefore, the price of Bitcoin provided by the exchange has been excluded.
Jacob Canfield, an analyst, stated that price pumping by 2.5% on Bitcoin at Binance is reported in a tweet to occur every day at 7 pm. He further added that the sooner Bitcoin (BTC) clinches on to a higher box at a particular time, it continues to be there and it resistant to any kind of force which will drag it down the box.
Frankie Figz, Yet another Twitterati, agrees with Jacob Canfield and he states that he detected the same event. He stated in response to Jacob Canfield: “I agree 100 % with this. I also have observed similar events. I would also like to add that around 11 am ET there are usually big movements (up or down).”
The Altcoins are beginning to bleed in the market as the price of Bitcoin is going up. There are some governments who are becoming cautious about the possible influences of cryptocurrencies. They are introducing pro-active regulatory guidelines to ensure proper adoption of cryptocurrency.
Regulatory bills are either focused on the absolute ban of cryptocurrency or are related to streamlined adoption. There are many countries where the government is too silent and is not sure of how to react to cryptocurrency in general.
Institutional investors are already in, and they are casting their share of influence in making the price trends move by triggering investor sentiment. In a recent hack, Binance lost 7000 BTC due to a security breach. Following this, Binance suspended all activities related to withdrawal and deposit and provided for a security review to prevent such activities in the future.
While several traders are looking at a healthy pullback retracing from its recent price surge, one of the cryptocurrency investors stated, “Anybody trying to convince you that $BTC is about to retrace 30% is just salty they missed the current bullish advance. We’ll get a healthy retrace, but not 30%.”
However, it has been agreed by several analysts that the current hike of Bitcoin has nothing to do with stock market trends or the macroeconomic conditions in the market. There is a prediction considering the supply of Bitcoin that it might even trend to 50,000.