The Bitcoin formed strong support as it gained some strength over the weekend. The Bitcoin initially struggled after the revelation of the Bitfinex vs New York AG case. Then, bullish investors put upward pressure on the Bitcoin after the price went up above the $5000 mark.
The altcoins were not as fortunate as the alternative crypto coins. The altcoins struggled to rebound from the losses last week. The opposite direction of the Bitcoin from the altcoin could be a sign of the decoupling hinted at last week.
The Bitcoin Strength Forming Strong Support
The Bitcoin is recovering well from the initial losses brought about by the revelations from the case of Bitfinex vs New York AG. The coin started gaining strength above the $5000 resistance level and started forming a strong support line above the $5250 mark.
After 24 hours, the bitcoin settled above the strong support with a value of $5295 for the day’s trading. This marks a slight bump to push it to a 0.5% gain for the day.
Gaining Despite Bitfinex and Tether News
In a statement, BitFinex has reassured investors that they will protect them against attacks from the New York Attorney General. The State attorney said that Tether and Bitfinex has colluded to hide losses of $850 million from the public.
Furthermore, Attorney General Letitia James obtained court filings showing that Bitfinex has violated New York State law in an activity that defrauded investors from the state of New York.
The state attorney adds that the state of New York has been at the forefront of crypto regulations and will continue to stand up for investors as well as pursue justice for those misled while exploring the crypto investment world.
Altcoins Falls Despite Bitcoin Finding Strong Support
Despite the strong support of the Bitcoin, Atcoins struggled to find stability in the market. Both the Litecoin and Bitcoin Cash fell in today’s trading. The Litecoin fell 2.67% to fall past the $78 support and the Bitcoin cash fell 3.54% to settle at $254 after a day’s trading.
Other major coins that fell include Stellar and Monero while Tron TRX and EOS was at par with yesterday’s prices but was lower compared to seven day prices. IOTA was the biggest gainer wit 10% gains fueled by partnership with Jaguar Land Rover.