Bitcoin prices have headed for sub $600 levels as the bearish market sentiment takes over stimulating sell offs of the coin. Trading volumes have exploded well over the billion dollar mark as investors sell to maintain their bankroll.
This week started off normally with the coin holding well above $600 values as trading volume remained stable. However many support levels were broken including the $550 level which had seen huge amounts of liquid asset supporting it. Lows of $465 were seen on some exchanges mirroring values seen last year. This comes as a shock to the market considering as a theft has been attributed to the current market sentiment. Most consider this a mini crash but values are likely to stabilise by the end of next week when considering current market movement.
“Rumors are flying about whom and how much has been stolen and what the future of Bitfinex holds. Will it continue operations? Will the exchange cover customer funds? Will it go bankrupt like Mt Gox?”
Petar Zivkovski Director of the Whaleclub
To conclude, with markets giving out sell signals and 12 hour and 24 hour charts further emphasize market volatility. It would be advisable to sell Bitcoin and wait the storm as analysts consider market values can easily dip to $450 values again as the market correction cycle goes underway. Currently I would recommend selling around half of your Bitcoin holdings as prices are looking uncertain. I would give a target of $570 as support levels are trying to hold. Under these adverse market conditions, NairaEX, Nigeria’s leading Bitcoin exchange can help you sell you’re Bitcoin on demand. Offering some of the lowest fees and best exchange rates, the exchange will ensure you get the most naira for your Bitcoin. Waiting out current price drops is advisable to minimize damage to your investment portfolio as exchanges such as NairaEX will allow you to purchase Bitcoin back at lower levels.