Bitcoin Today: Bitfinex, not too many coincidences?
Price
Bullish Tendency continued to develop during the weekend, bringing the price to the 100-days EMA during the Saturday and testing 7300 resistance during the Sunday, peaking at the 7430. The week opened above the 100-days EMA, leaving only 7300 above to finish the turnaround pattern and turn into a bullish state. Many connect bullish state of BTCUSD with the recent emission of Tethers, which usually precedes to volatility jumps and bullish movements (read lower in details). For today: 100-days EMA and 7000 – support levels; breakthrough above 7430 (previous peak) – a bullish signal.
Today forecast
Trading in the 7000 - 7300 zone. Breakthrough above 7430 – bullish signal.
Latest news
Bullish Tendency continued to develop during the weekend, bringing the price to the 100-days EMA during the Saturday and testing 7300 resistance during the Sunday, peaking at the 7430. The week opened above the 100-days EMA, leaving only 7300 above to finish the turnaround pattern and turn into a bullish state. Many connect bullish state of BTCUSD with the recent emission of Tethers, which usually precedes to volatility jumps and bullish movements (read lower in details). For today: 100-days EMA and 7000 – support levels; breakthrough above 7430 (previous peak) – a bullish signal.
Today forecast
Trading in the 7000 - 7300 zone. Breakthrough above 7430 – bullish signal.
Latest news
- Bitfinex connectivity issues just before the BTC growth
On Friday, August 31, Bitfinex issued a series of tweets about the forced suspension of trade due to technical problems.
“The platform is encountering connectivity issues with one of the servers. As a precaution, we had to suspend trading temporarily. We are working hard to have the platform return to normal operations as soon as possible.” - bitfinex
Soon a tweet was published stating that the main server with the exchange engine was restarted by the hosting provider without prior notification and that the recovery process will take at least 30 minutes.
“Our matching engine server was restarted by our hosting provider without notice. We are in the process of restarting the server and returning the platform to normal operations. We expect this process to take at least 30 more minutes. Apologies for any inconvenience.” - bitfinex
Later, Bitfinex published the blog post, which says that in total the downtime was about an hour. Representatives of the exchange assured the users that all funds are safe and the situation is under control.
Also, Bitfinex assured that all transactions are recorded and will be executed in the order of the queue.
Many users of social networks were worried by the fact that the technical failure coincided in time with the expiration of the bitcoin futures on the CME exchange.
"I will never believe that you have only one server that is responsible for the operation of trading services," wrote one of the users.
One of the popular opinions is the connection between the hosting provider and CME, as this shutdown could be very beneficial for CME.
Others were unhappy that the restart of the operations occurred without prior notice. - Another 100 mln Tethers were transferred to Bitfinex
The next portion of "freshly printed" tokenized dollars Tether (USDT) entered the Bitfinex wallet, one of the largest crypto-exchanges.
“Just sent $100,000,000 USDT from the tether reserve to Bitfinex!” - @eurtprinter
It is noteworthy that the previous similar transaction for the same amount was made less than two weeks ago, on August 21. Then it led to a short-term revival in the market, which was interrupted literally the next day. However, soon the uptrend continued and the price overcame the 7000 mark.
Currently, the price is testing 7300-7400 zone, a breakthrough above which will be interpreted as a strong bullish signal.
More and more users see new Tether emissions as something of a very accurate growth indicator.
“Does anyone else feel like this Tether transfer thing is a bit too obvious now? I mean it seems to have become a leading indicator for the next move for a lot of people lol. Could it really be that easy? Usually isn't but who knows “- CredibleCrypto
“$100 MILL Tether incoming. 8,000 BTC on the horizon for the upcoming week.” - @bullishgentlemn
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