Cryptocurrency Market Crawling Back To Its Feet After Korean Knockout

Investing, News | May 14, 2018 By:

Bitcoin is shakily climbing back to its feet after a near knockout blow last week that saw it plunge as low as $8,200 on at least one exchange. The massive drop was caused by fears in the Korean market of imminent regulatory doom, as that country’s leading exchange was raided by authorities.

The resulting ripple through the crypto ecosystem set off a general selling frenzy, one that is slowly being corrected today as bitcoin returned to about $8,800 at mid-morning. The rest of the market followed suit, with slight increases over the last 24-hours the general theme. However, some laggards – notably EOS, down more than three percent – are still feeling the effects of the general panic.

Bitcoin market highlights for the 24 hours ending May 14, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $8,823.01 on the GDAX exchange at 11:54 am today. GDAX saw $105,976,000 of bitcoin change hands.

The lowest price seen was $8,303.60 on OKEx’s exchange at 1:24 am today. OKEx’s 24 hour volume was $290,780,000.

The average price on the surveyed exchanges, as weighed by volume, was $8,550.05.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 59.6. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 7 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.