Bitcoin and Cryptocurrency Market Sound The Retreat Amid Regulator Uncertainty

Investing, News | May 1, 2018 By:

Today’s cryptocurrency market is stealing a quote from Michael Corleone in The Godfather Part III: “Just when I thought I was out, they pull me back in.”

After a few heady days of the market heading north, stirring hopes of a sustained breakout, the cryptocurrency markets have done another of the periodic retreats that have marked the last few months. At mid-morning, bitcoin sat right around the $9,000 mark after a brief return below that barrier.

Today’s news that the SEC and Commodity Futures Trading Commission are looking to meet and determine whether digital currency is a security or commodity send most of the market into red arrows. Regulatory scrutiny has ramped up in 2018, and despite a lot people jumping into the game, the uncertain waters have caused investors to be cautious and take profits wherever they can. That has kept the overall market from a sustained breakout.

Bitcoin market highlights for the 24 hours ending May 1, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $9,415.56 on the HitBTC exchange at 2:36 pm yesterday. HitBTC saw $60,010,400 of bitcoin change hands.

The lowest price seen was $8,850.00 on Bitstamp’s exchange at 8:42 am today. Bitstamp’s 24 hour volume was $110,642,000.

The average price on the surveyed exchanges, as weighed by volume, was $9,067.42.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 54.4. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 9 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.