ForexMinute.com – As per the schedule, US Federal Agency has auctioned over 30,000 Bitcoins (worth around $17 million) in a 12-hour long event on June 27th.
For obvious reasons, there was huge negativity already distributed inside the Bitcoin market, with little speculations claiming a notable drop in Bitcoin prices after the scheduled auction. But to everyone’s surprise, the Bitcoin prices have done a complete reversal.
Going against the tides of negative speculation, the Bitcoin price seems to have survived the much-hyped auction storm. Indeed it was dropped by a huge margin during between the trading hours of June 24th and 26th, but bounced back right ahead of the Friday’s auction.
It might be obvious that experts were expecting a huge drop in this cryptocurrency’s trading volume, which could have eventually brought the prices down as well. The market itself was bearish in the wake of US Marshall Service’s announcement of auctioning Silk Road Bitcoins. But the impact soon wore off just ahead of Friday, when Bitcoin prices rebounded and started trending upwards.
Although, it doesn’t mean that the dark clouds are past. In a strict sense, the rise and fall of Bitcoin, at this time, solely depends on the bidder who will be selected to sweep all the Bitcoin blocks on Monday. Indeed, he would wait to sell his coins until Bitcoin prices reach a definite peak. In the best case, he would simply hold on to his coins and circulate it inside the cryptocurrency circle only, thus maintaining the supply-demand ratio.
More can only be said on Monday when the name of the lucky bidder will be announced. Until then, Bitcoin market is expected to stay stable. Keep watching this space to know more.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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