Bitcoin’s Black Tuesday Crash Continues Into Wednesday – BTC Prices Hit $9,000

Investing, News | January 17, 2018 By:

UPDATE:  As of 2 PM PT/5 PM ET, the cryptocurrency market has begun to climb out of the ditch. Bitcoin is up to $11,375 per single coin, and most of the big board has turned green arrows, with ETH up five percent and Ripple up 20 percent. The overnights will tell whether this is a dead cat bounce or a true market revival.

EARLIER:  The epic crash yesterday by bitcoin and all cryptocurrencies across the board continued this morning. Bitcoin is barely above the $10,000 per single coin mark and threatens to go even lower. This morning, bitcoin was as low as $9,057 on at least one exchange.

Some reports indicate if a BTC support level isn’t found soon, the legacy digital currency could go as low as the $6,000 level. Ethereum is at $872, down 18%, Ripple XRP at $1.00, down 22%, Bitcoin Cash at $1518, down 21%, Litecoin at $159, down 18%.

The news was equally grim for other coins, with most recording 24-hour losses of 15% to 20% or more.

Bad news from China, which is stepping up its cryptocurrency crackdowns; sabre rattling from South Korea about restrictions; and a general international government fervor to limit, restrict or tax exchanges and other means of transmission are creating a chilling effect. Winter is here for cryptocurrency, and investors are reflecting that by turning the markets ice cold. How long that lasts is anyone’s guess.

Bitcoin market highlights for the 24 hours ending January 17, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $12,049.00 on the GDAX exchange at 7:24 pm yesterday. GDAX saw $724,216,000 of bitcoin change hands.

The lowest price seen was $9,057.04 on Binance’s exchange at 10:42 am today. Binance’s 24 hour volume was $754,716,000.

The average price on the surveyed exchanges, as weighed by volume, was $10,616.20.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 56.3. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 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.