Price Action
Back to square one. Early morning Asia time, the final slam down brought Bitcoin below $230. Some traders expect further downside below $220. The recent spate of exchange hackings did not improve sentiment either. Bter, HitBTC, and Excoin were all “hacked” in the span of 24 hours. The Eurogroup has a press conference planned at 7pm GMT where hopefully more light will be shed on the Grexit situation. Financial market globally are waiting with baited breath for further developments, Bitcoin is no different.
Trade Ideas
In light of the global macro confusion and fear surrounding Greece, it is prudent to flatten out ones book. The price could easily drop below $220 or regain the mid $240s in the next 12 hours.
In the News
Bter hacked of 7,000 Bitcoin (CoinDesk)
Two more exchanges are compromised (Reddit)
Iran and Bitcoin (Coin Telegraph)