Bitcoin corrects 20% down, but still in up going trend

Between four and five o’clock today (CET) the price dropped from just under $8 200 to at least $6 465, a fall of around 20 percent. In the early morning, Bitcoin recovered from the drop to re-trade at price levels above $7 200.

The speculation around what caused the most recent parabolic rise in the bitcoin price has gone hot. The global stock market turmoil and the fact that the rewards for mining the crypt currency are gradually declining are just some of the proposals behind the sharp increase, since the begining of the year the currency is about 70 percent up despite the night’s dramaticaly drop. Only last month, the value has increased by over 30 percent.

The trend is still up going since the MA9 (Moving Average) is still above MA50. We could see a correction down to $6 500 before the upgoing trend takes over again. This could be because of investors selling off to take the profit after the recent spike in price.

Most of the other big cryptos like for example Monero and Ethereum are following the same trend as Bitcoin.

If you belive in the crypto market it could be a good way to buy a few mining contracts now when the price is low before the BTC price increase too much. Here’s a few operators that allow you to use cloud mining:

HashFlare offers mining contracts for Ethereum with no service fees, low withdrawal limits (0.1 ETH) and very easy to use. You can buy mining contracts using both credit cards and BTC.

MinerGate is another great cloud mining company where you can buy contracts to mine both BTC and Monero. You can pay using your BTC or XMR balances or just send a payment in Bitcoin or Monero to them. Easy withdrawal and easy to use. You can also use their enhanced mining software to do some extra mining on your own laptop, and then you can mine everything from XMR, ETH, BCN and many more currencies. You can even in some cases mine multiple currencies at the same time.

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