Bitcoin Holding Steady as Market Settles

Blockchain, FinTech, Investing, News, Regulation | May 30, 2017 By:

The return from a US holiday weekend was quiet on the cryptocurrency fronts. The steep drops from bitcoin’s $2,700 high-water mark last Thursday seem to have temporarily halted. At mid-day, single-coin prices hovered around $2,248 on several exchanges.

That’s about what it was in the aftermath of Friday’s bloodbath, which saw the price scoot downward from its high.

Other cryptocurrencies also were holding steady, with ethereum’s ETH token the biggest gainer, rising to the $203 level at mid-day. Litecoin was around $25, Dash at $123, and Monero just above $43. Ripple’s XRP was down slightly, sitting around 0.218953.

Bitcoin’s single-coin price was around $2,235 at mid-day on Friday before the US Memorial Day holiday weekend. That was down significantly from Thursday morning’s all-time high of $2,747, but marked just a slight retreat from the $2,464 price bottom later that day.

Other cryptocurrencies also had down mid-day pricing on Friday. Ethereum’s ETH single-coin price was around $166; Litecoin at $25.92; Dash at $123.99, Monero at $39.33.  Ripple was the only gainer, sitting around $0.286120, up more than five percent at mid-day. At one point, all cryptocurrencies were down on the day.

Buoyed by the arrival of the long-awaited hard fork last Wednesday, the markets revved as rumors swirled that the US Securities and Exchange Commission’s review of an appeal on the Winklevoss exchange-traded fund bid might arrive soon. The $2,700 price level was astonishing, and meant that bitcoin has doubled in price since it first topped $1300 in March as the world awaited the initial SEC ruling. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since.

The long rally floor toward today’s bitcoin all-time high was achieved on March 10, when it topped the $1,300 mark for the first time. A disappointing ruling by the US Securities and Exchange Commission on the Winklevoss twins’ bid to establish an exchange-traded fund briefly drove down the price to the mid-$900 range. Since then, it has increased an estimated 40 percent.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, Korea’s startup frenzy, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the long-term rally.