Bitcoin Back Below $4,000 As Uncertainty Stalls Crypto Market

Investing, News | September 19, 2017 By:

Uncertainty is in the air, and the cryptocurrency market certainly reflected that today. Legacy bitcoin (BTC) slid back below the magic $4,000 level at mid-day, sitting at $3,981 for its single-coin price. The drop was just percentage points below yesterday, but still reflected the unease of investors, who still await final word on China’s upheavals.

The rest of the market was mixed. Ethereum’s ether was at $285, also down percentage points; Litecoin was at $53, Dash at $322, and Monero at $96, all down less than two percent. On the plus side of the ledger, Bitcoin Cash was at $501, a gain of more than eight percent, while Ripple XRP was at $0.186022, up a few percentage points.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 45.7, indicating a below-average day.

While the news that prompted the cryptocurrency meltdown hasn’t changed – China appears to be shutting down its domestic exchanges – some financial backers have urged investors not to panic at the moment’s news, but to think long-term value.

What happens next?  There have been rumors that the Chinese will still allow institutional trading and/or grandfather-in existing coin-holders, and/or allow bitcoin mining to continue. There are also whispers that it is banning all cryptocurrency trading, foreign and domestic. If that happens, an important source of trading volume being totally removed from the market is obviously not good news.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 56.5, indicating an above-average day and reflecting the continued market flux.


Bitcoin market highlights for the 24 hours ending September 19, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,369.35 on the LakeBTC exchange at 6:18 pm yesterday. LakeBTC saw $16,965,300 of bitcoin change hands.

The lowest price seen was $3,831.02 on Bittrex’s exchange at 1:54 am today. Bittrex’s 24 hour volume was $34,343,200.

The average price on the surveyed exchanges, as weighed by volume, was $3,995.36.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 45.7. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 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.