Red Arrow Thursday – All Cryptos in Retreatbr>
It was Red Arrow Thursday for bitcoin and other cryptocurrencies, as price indicators went uniformly negative by mid-day. A full pullback is in effect, with just about every coin in sharp retreat. Now that the wait-and-see attitudes exhibited by traders in last two days has vanished, the only question is where the bottom will land.
“On a 7-day chart, the aggregate network value of the
#cryptoasset markets looks ugly. Down 15% from high, potential double top & downtrend,” said a Tweet from Chris Burniske, an analyst with ARK Investment Management.
Bitcoin was just above the $2,300 mark at mid-day, down from $2,600 the day before. Ethereum’s ETH fared little better, sitting at $324, a drop from yesterday’s $375. Dash, Monero, and Ripple’s XRP were all down by double-digits, while Litecoin had a relatively small drop, hovering around $29.
Recent developments have clearly unsettled the market mood. Goldman Sachs issued a bearish report, saying bitcoin’s price was “heavy” and predicted a retreat. Others look warily toward the coming Aug. 1 deadline for implementation of a fork by some bitcoin developers, a move that may split the coinage into two camps. And two cyber-attacks on digital exchanges, plus Coinbase’s capacity problems, may have exacerbated fears.
Also on the horizon is the US Securities and Exchange Commission, which is weighing the appeal of the Winklevoss twins on their bit to establish a US exchange-traded fund. The SEC previously turned it down, but decided to reconsider its decision.
TODAY’S 24-HOUR BITCOIN STATISTICS
Start time = ‘2017-06-14 15:00:01’
End time = ‘2017-06-15 15:00:01′
today’s price standard deviation = ‘102.26’
today’s standard deviation z-score = ‘1.46’
today’s volatility index = ‘62.2’
halfhour fee per byte, in satoshis = ‘360’
halfhour fee, typical transaction, in USD = ‘1.94’
The above information was culled and consolidated from 9 different exchanges. It includes exchanges where USD/BTC is traded and only those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.