Since the beginning of April, Bitcoin has been showing good progress, and the green light is relatively better as compared to the last year. The bitcoin is in the bullish trend. Rest of the market and altcoins are still struggling to reach its position at present. The bullish trend of bitcoin started after breaking the resistance level of $4,200. After this, the bitcoin market prices started gaining $1000 / hour.
As indicated by research, the whole move was arranged by a dedicated single trader. The person catalyst wanted to change the situation to the positive picture as much as possible. The bullish energy has been so solid that even negative news in the crypto space has failed to stop Bitcoin’s climb. The crypto community is surprisingly happy to see this shocking and stubborn growth of bitcoin. Notably, the Binance hack has also failed to affect it.
A few weeks ago, the New York law official’s office charged Bitfinex for hiding a loss worth 850 million dollars by borrowing from Tether reserves. The news caused Bitfinex to come clean. It also disclosed that Tether was backing only 74% of the loss. It was not 1-to-1 fiat backing, opposite to what the firm had claimed.
It is not like the news did not affect Bitcoin; it failed for some time but got back to reach new highs and reach close to $6,000 resistance level. Yesterday again the bitcoin market got hit by one more bad news. Binance was hacked too and lost 7,000 BTC. This hacking not only affect the market but also spoiled Binance’s reputation.
In the months preceding April, the panic crypto market would have tumbled to new lows because of both of the ongoing negative news happenings. Bitcoin cost did fall; however, it immediately recovered any lost force with a couple of days only. The ongoing growth shown by Bitcoin despite the terrible FUD to hit the crypto business since its commencement has the crypto network shocked. Believers are hoping for bitcoin to keep it up no matter what; however, pessimist or cautious population is trying to take careful steps.
These cautious people are very well aware of what happened and how
the market was suffering since last year. Following what happened after
the hyped bubble of bitcoin popped in 2017 and reached $3,150 by losing the
worth of 85%, crypto space players better be cautious.