Bitcoin Delivers Sunday Surprise

Hello traders everywhere. The CME Bitcoin real-time index dropped over 10% on Sunday giving many cryptocurrency traders a Sunday surprise. The index traded as low as $6,643.58 before finally closing the day at $6,781.18. It's the first time since early April that Bitcoin has traded below the $7,000 level. However, it shouldn't come as a surprise after it's been trapped in a tight trading range between $7,000 and $7,800 since about mid-May.

Media reports will have you believe that the price drop is due to a hack on the South Korean exchange Coinrail, which was revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a significant move was expected anyway, as an extended period of consolidation or low volatility is often followed by a sharp move on either side and prices started falling Saturday, so the theft of ERC-20 tokens at a minor exchange seems an unlikely cause.

Bitcoin Delivers Sunday Surprise

Events To Keep In Mind This Week

  • President Donald Trump and North Korean leader Kim Jong Un meet for a historic summit in Singapore Tuesday, which will be late Monday in New York
  • U.K. Prime Minister Theresa May faces votes that could derail her Brexit policy, also Tuesday
  • The Federal Reserve is expected to raise interest rates Wednesday as the U.S. economy remains solid
  • The European Central Bank rates decision comes Thursday with a briefing from President Mario Draghi
  • The Bank of Japan June monetary policy decision and news conference is Friday
  • FIFA expects more than 3 billion viewers for the World Cup that begins this week in Russia

Key Levels To Watch Next Week:

S&P 500 (CME:SP500): 2,801.90
Dow (INDEX:DJI): 25,449.15
NASDAQ (NASDAQ:COMP): 7,334.62
Gold (NYMEX:GC.Q18.E): 1,296.00
Crude Oil (NYMEX:CL.N18.E): 64.85
U.S. Dollar (NYBOT:DX.M18.E): 92.76
Bitcoin (CME:BRTI): 6,443.17

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

2 thoughts on “Bitcoin Delivers Sunday Surprise

  1. Poor bastards who mortgaged their house and family to buy at the all time high back in December, trusting the cheerleader who claimed it was about to go through the stratosphere. Classic ponzi...

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