Bitcoin Market Still Hurting From Weekend’s Price Plunge

Investing, News | June 11, 2018 By:

It’s a buying opportunity. That’s what cryptocurrency market optimists are telling themselves this morning amidst the rubble of the weekend’s market meltdown.

Bitcoin is sitting at the $6,700 per single coin level at mid-morning. That follows the dramatic plunge off the cliff the cryptocurrency market experienced over the weekend, as a hack of a small South Korean exchange caused the sky-is-falling effect among market investors.

Beyond bitcoin, the top ten coins by market cap are all down between six and ten percent this morning, with EOS particularly hard hit, plunging close to 14% to $11.07 per coin, even as its first chain emerges.

Is this the floor? The plunge seems to have stabilized, although there are still pundits lurking in the weeds who mumble about a correction down to the $3,000 level. Given the crypto market’s penchant for overreaction – at least by the 60% of punters who are active traders – it’s not entirely out of the realm of possibilities.

Bitcoin market highlights for the 24 hours ending June 11, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,293.93 on the Simex exchange at 1:01 pm yesterday. Simex saw $42,690,000 of bitcoin change hands.

The lowest price seen was $6,637.94 on Coinsuper’s exchange at 2:19 pm yesterday. Coinsuper’s 24 hour volume was $50,477,600.

The average price on the surveyed exchanges, as weighed by volume, was $6,789.47.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 48.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 14 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.