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Traders Split over Bitcoin Price Prediction — Will It Go to $6k or $4,200 Next?

Traders Split over Bitcoin Price Prediction — Will It Go to $6k or $4,200 Next?
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Contents

While Bitcoin’s price volatility may be less of a rollercoaster ride, with seemingly smaller rises and dips in the price over the past months, the changes in sentiment still swing wildly. The crypto spring broke into full blown optimism after a $1,000 jump, but that has now abated.

There has been a bit of a turnaround over the last week to 10 days in the crypto market’s rally. Bitcoin hit prices of $5,600 only to turn around sharply and head back to $5,200. While it is not a major price move, it is one that has dented the confidence of traders.

Traders are now almost perfectly split as to where the next Bitcoin price target is, with 50% saying $6,000 while the other half say $5,300.

Taking it to the polls

With the price lagging off a bit after the Bitfinex and Tether debacle, it was worth assessing the sentiment across the trading market as a Twitter poll shared by crypto trader Bagsy did. His poll, which reached 6,231 people, showed an interesting split.

It seems that there is very little consensus among crypto traders at the moment, with half holding onto the crypto spring notion while others are more weary of the damage done by the bad Tether news.

What needs to happen next

It is also interesting to note that neither of these parameters set on the poll are too outlandish. At the top end, it would not take long for Bitcoin to climb to $6,000, but at the same time that would be a huge psychological milestone for the entire marketplace.

Additionally, if Bitcoin was to drop $1,000 or so, it would not be massive compared to other drops seen before, but it would hugely dent the crypto spring notion and effectively falsify the entire growth spurt of 2019.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3

  • Alex Dovbnya
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    Cryptocurrency exchange Huobi announces the results of its quarterly burn

Crypto Exchange Huobi Completes $40 Mln Token Burn for Q3
Cover image via www.123rf.com

According to a press release obtained by U.Today, Singapore-based exchange Huobi continues to reduce the supply of its native Huobi Token. In Q3, it burned $40.63 mln worth of HT, which represents a 70.6 percent increase compared to the previous year. 

Huobi purchases back outstanding tokens from investors in order to reduce the circulating supply of HT and stabilize its price. It is worth noting that the amount of tokens it burns every quarter depends on particular market conditions.   

The company cites the success of its spot trading and derivatives trading markets as the main reason for another token burn. 

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Huobi Token is the second-largest exchange coin token after Binance Coin (BNB). At press time, the coin's price is sitting at $3.46 with its market cap exceeding $810 mln, according to CoinStatsData.    

Huobi Global CEO Livio Weng claims that the cryptocurrency plays "a core role" in the Huobi ecosystem.  

"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

One of the oldest crypto trading platforms has already burned 13.8 percent of its native coin's circulating supply, which is currently sitting at 234,205,522.92 HT. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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