Bitcoin Approaches $4,400 Level Despite Bad News From International Markets

Investing, News | October 2, 2017 By:

Bitcoin neared the $4,400 level in single-coin pricing today, continuing a rally that began last week and is now almost $900 higher.

The good news on legacy bitcoin (BTC) was perhaps tempered by some bad news over the weekend, as South Korean banned initial coin offerings (ICO) and is said to be looking with a skewered eye at its cryptocurrency exchanges. This unwelcome news arrives just as China’s exchanges are shuttering in the wake of that country’s regulatory clamp-down on ICOs.

Still, amidst the gloom, there are stirrings that promise to raise the market. Goldman Sachs is exploring its own trading division for cryptocurrency, and other signs are emerging that big institutional players are no longer ignoring the market. For now, it’s wait and see, but the muscle of institutional investing would be a mighty market force.

Elsewhere in the Monday cryptocurrency market, the news was mixed. Ethereum’s ether held at $294, down slightly, while Ripple XRP was at $0.203678, up more than three percent. Bitcoin Cash (BCC) was down to $413, and Litecoin was at $53, both dropping less than two percent. Dash ($313) and Monero ($91) both had minor dips.

The Block Tribune Volatility Index, which measures price swings in bitcoin, reflected the torpor. It was down to BTVI 43.5 indicating a below-average day over the last 24 hours.


Bitcoin market highlights for the 24 hours ending October 2, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,599.90000000 on the BTCC exchange at 5:18 am today. BTCC saw $20,061,400 of bitcoin change hands.

The lowest price seen was $4,282.67000000 on Bitstamp’s exchange at 4:06 pm yesterday. Bitstamp’s 24 hour volume was $34,552,800.

The average price on the surveyed exchanges, as weighed by volume, was $4,405.25.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 43.5. 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.