Plunging Crypto Prices Find a Floor

Blockchain, Investing, News | June 27, 2017 By:

Bottom in sight. Repeat: Bottom in sight. That was the message at mid-day today, as trading momentum started the slow climb back from Monday’s red-arrow, single-coin price rout.

Bitcoin was at the $2,400 level as of noon Pacific on Tuesday, and ethereum started to recover from its 20 percent plunge of the day before, crawling back to the $250 level. Litecoin, now down to $38, was also recovering, and Dash was back nicely to the $161 price per single-coin. Monero breached the $41 mark, while Ripple XRP held steady.

Blame was spread from the sound to the ludicrous as to why things spiraled downward in Monday’s coin bludgeoning. Some blamed network congestion, which saw exchanges Coinbase and GDAX temporarily out; others claimed DDoS attacks made things difficult; the false story of Vitalik Buterin’s alleged death may have panicked some; and the fears engendered by the “flash crash” of last week on GDAX may have spawned a crisis of confidence in some.

No matter what the issue, it’s clear we’re headed into a summer of extreme volatility, with such major events as the bitcoin fork ahead.

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TODAY’S 24-HOUR BITCOIN STATISTICS

Bitcoin market highlights for the 24 hours ending June 27, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $2,599.00 on the BTCC exchange at 12:30 am today. BTCC saw $5,851,560 of bitcoin change hands.

The lowest price seen was $2,034.63 on Bittrex’s exchange at 4:24 pm yesterday. Bittrex’s 24 hour volume was $8,354,610.

The average price on the surveyed exchanges, as weighed by volume, was $2,371.27.

Volatility was nearly average, with our index coming in at 50.8. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 11 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.