Legacy Bitcoin Goes Below $4,000 Mark, Other Cryptos Battered

Investing, News | September 13, 2017 By:

Cryptocurrency markets were in meltdown mode today, as legacy bitcoin (BTC) slipped below the $4,000 single-coin price level, a retreat reflected throughout the entire market.

Concerns continued today over volatile remarks by JP Morgan Chase CEO Jamie Dimon, who accused bitcoin of being a “fraud” and akin to the Dutch tulip craze of several centuries ago. Dimon’s caustic take and ongoing concerns over China’s potential shuttering of its cryptocurrency exchanges have caused the market volatility.

At mid-day Pacific time, legacy bitcoin was just above the $3,900 mark, a price that actually reflects a bit of a rally from this morning’s $3,700 level. The overall 24-hours saw BTC down more than five percent

The news was not great elsewhere. Ethereum’s ETH continued deflating, down to $272 after spending weeks above $300. That represents a drop over the last 24-hours of nearly six percent. Bitcoin Cash (BCC) was at $504, a loss of just over one percent on its single-coin value.

Other losers:  Ripple XRP ($0.202011), Litecoin ($61.50), Dash ($300) and Monero ($110).

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 60.2, a well-above average day.


Bitcoin market highlights for the 24 hours ending September 13, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,346.45 on the LakeBTC exchange at 5:48 pm yesterday. LakeBTC saw $34,096,000 of bitcoin change hands.

The lowest price seen was $3,730.27 on Bittrex’s exchange at 10:48 am today. Bittrex’s 24 hour volume was $72,853,900.

The average price on the surveyed exchanges, as weighed by volume, was $3,973.10.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 60.2. 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.