Throughout the festivity, bitcoin has remained stable, securing a support position above $3,600 and resistance position a little over $3,800. Although the coin has in several instances over the past couple of days rallied to hit $4,000, price corrections have seen the coin settle on the $3,800 position. At the time of press, bitcoin is recording a drop of 3% and is trading just above $3,669.
The low volume has however made it difficult to read through the charts with many traders opting to sit out for the remainder of the year. Regardless of their absence, bitcoin has this week come under some heavy bearish pressure as the coin has been hit by a number of negative news.
Over 200 Bitcoin Stolen On Electrum Bitcoin Wallet
Although recently a report by McAfee indicated that crypto mining cases had risen by over 4,000%, it has been some time since there was an incidence of theft. An attack that began on December 21 has seen hackers who used malware scams make away with over 200 bitcoin, which at the time of writing this is valued at over $700,000.
The malware scam that was targeted at users prompted them to download what they thought was an update of the Electrum wallet. Upon submitting their authentication codes, the hackers were able to steal them and transfer bitcoin from the user’s wallets to their own
“Short term, I actually think we have lower to go,” Pompliano
Morgan Creek Digital Assets founder Anthony Pompliano has in the last couple of days been speaking about the future of bitcoin and according to him, the coin has not bottomed. Speaking to CNBC, Pompliano predicted that in the short-term, bitcoin will fall below $3,000.
Notably, Pompliano predicted that bitcoin would fall to lows of $3,000 in November, which came to be in early December.
Despite the bearish predictions and negative news, the coin has received a major boost with the announcement that India is considering legalizing cryptocurrencies. A committee set up by the government is considering legalizing cryptocurrencies in the country according to reports. It is however noted that the re-introduction of cryptocurrencies would come with stringent rules and regulations.
Currently, the Reserve Bank of India has a standing ban on digital assets with crypto transactions regarded as illegal activity. India boasts of over 1 billion in population and the introduction of cryptocurrencies to them could play a vital role in the adoption of cryptocurrencies and blockchain projects.
Over the last couple of days, bitcoin has shown resistance despite some bearish pressure that could have seen prices plummet. This could well be a sign of better and more stable days to come as we fast approach 2019.