12 Jun 2018
How is Bitcoin price trading at the moment? Gain insight into the latest 12 June BTCUSD Price Fundamental Forecast from OctaFX.
12 June, OctaFX –The price of Bitcoin rose in April from a multi-month low of $6430 to a high of $9725. This was a 50% increase in the price as traders expected more demand for the cryptocurrency. Since this time last year, the price of Bitcoin has fallen by more than 50%, which is lower than the 1000% gain it made last year.
This weekend, the price declined to $6530, the lowest level since early April. The decline was attributed to the hack of a small South Korean cryptocurrency exchange known as Coinrail. The hack resulted in the loss of about 30% of the exchange’s virtual currencies. 70% of the remaining currencies were stored in a cold wallet, which is not connected to the internet.
After the hack, the market value of cryptocurrencies declined by more than $42 billion. South Korea is one of the largest cryptocurrency trading centres and is home to world-leading exchanges such as Bithump which has exceptionally high transaction volumes.
The hack highlighted the need for tighter regulations globally. In recent months, a number of cryptocurrency-related hacks have been reported and hackers are continually attempting to attack prominent exchanges like Coinbase.
The BTC/USD pair is currently trading at $6757, which is slightly higher than yesterday’s low of $6530. It is trading below the 60 and 100-day moving average, with its RSI near the oversold level. The pair could reverse its downward trend as bulls take over. This could see the pair test the 60-day moving average at $7350.
This article about 12 June BTCUSD Price Fundamental Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.