High Volatility, Plunging Prices on Weekend Trading

ICO News, Investing, News | July 16, 2017 By:

It’s been an ugly weekend for cryptocurrency, as bitcoin plunged below the magic $2,000 per single coin price and other altcoins took drastic drops.

The Block Tribune Volatility Index, which measures trading movement in bitcoin, soared to an all-time high of BTVI 60.9 in the 24-hour period ending at noon Pacific time on Sunday. That reflected the frantic trading activity that began stirring late on Friday.

Bitcoin was as low as the $1,700 mark on the GDAX exchange, and was at $1,928 on Coinmarketcap as of noon. That was down from the $2,200 level on Friday at mid-day. Traders were spooked by warnings that exchanges would begin halting trades at the end of the month in advance of the planned August 1 changeover to Segregated Witness on a large number of existing chains. Bitcoin may be split into competing coins at that point, if some pundits are correct.

Ethereum was in far worse shape, down to $155, a steep drop from Friday’s $198 level and an enormous change in the last month, when it soared as high as $400.  Continued fears of scaling problems and enormous digital denial of service (DDoS) attacks on initial coin offerings and existing sites have spooked the market.

Other altcoins were also in deep red territory on Sunday. The lone exception was Litecoin, which just activated Segregated Witness and held steady around the $39 per single coin level.



Bitcoin market highlights for the 24 hours ending July 16, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $2,545.00 on the BTCC exchange at 3:06 pm yesterday. BTCC saw $6,477,020 of bitcoin change hands.

The lowest price seen was $1,776.00 on GDAX’s exchange at 9:06 am today. GDAX’s 24 hour volume was $39,877,300.

The average price on the surveyed exchanges, as weighed by volume, was $1,975.21.

Volatility was greater than average, with our index coming in at 60.9. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 12 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.