Bitcoin and Bitcoin Cash On The Move:
Bitcoin and Bitcoin Cash seem to have bottomed out as both have risen nearly 4-and 60% respectively this week. But what is the reason for the recent demand in crypto? With the possibility of more rate hikes this month from the Fed and the American stock market falling due to uncertainty we believe day traders are seeking refuge in other trading sectors such as Crypto.
On the Nasdaq we saw RIOT move up 26% today and a volume increase that went up 10 fold. Mara another crypto stock also had a move up of 16% and had double it’s 10 day average volume. We also spotted BTSC on the OTC which moved up 27% The volume has doubled so far today it’s 10 day average.
What to expect:
buying low and selling high has always been the focal point of day traders so this may just be 52 week low pops and sell on crypto gaining traction. However Crypto could be making it’s re-emergence off bottoms and see a stellar run like last year.