Bitcoin Suffers Heavy Losses As Crypto Market Tanksbr>
There was blood in the streets today, as the cryptocurrency market continues to melt down following bad news from China and a prominent banker.
Legacy bitcoin (BTC) was at the $3,300 single-coin pricing level at mid-day, down more than 14 percent. It was the biggest one-day loss in months, and a huge drop from earlier this month, when bitcoin threatened to top $5,000. Upstart Bitcoin Cash (BCC) is down more than 18 percent today to $414, a steep drop from its one-time high of more than $900.
Today saw the BTC China exchange announce that it was closing at the end of the month, merely the first shoe to drop in what’s anticipated to be the closure of all of that country’s exchanges. Although there has been no official announcement, news reports indicate a consortium of Chinese regulators led by its central bank has decreed that trading in cryptocurrency must end in China.
The same consortium officially announced earlier that initial coin offerings were banned in China, putting the brakes on an important source of fundraising. That news was followed by JP Morgan Chase CEO Jamie Dimon terming bitcoin “a fraud” at a financial conference, remarks that threw gasoline on an already simmering panic.
All of that has the cryptocurrency markets in full meltdown mode. Ethereum’s ether is at $233 today, a plunge from over $300; Litecoin, considered the “silver” of cryptocurrency, is down to $48, a drop of more than 22 percent in a single day; while Ripple’s XRP is at $0.176863, down more than 12 percent. Dash is at $251, down more than 16 percent,, while Monero is down more than 14 percent to $93.
What happens next? There have been rumors that the Chinese will still allow institutional trading and/or grandfather-in existing coin-holders. But an important source of trading volume being totally removed from the market (China accounts for 40 percent of bitcoin volume) is obviously not good news.
The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 70.0, a well-above average day.
TODAY’S 24-HOUR BITCOIN STATISTICS
Bitcoin market highlights for the 24 hours ending September 14, 2017 at 3:00 pm U.S. Eastern Time
The highest price seen was $4,171.15 on the LakeBTC exchange at 6:48 pm yesterday. LakeBTC saw $26,518,300 of bitcoin change hands.
The lowest price seen was $3,261.74 on GDAX’s exchange at 2:18 pm today. GDAX’s 24 hour volume was $96,311,000.
The average price on the surveyed exchanges, as weighed by volume, was $3,735.58.
Volatility was unusually high, with the BlockTribune Volatility Index coming in at 70.0. A higher number indicates greater price volatility with 50 describing an average day.
These statistics were consolidated from 9 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.