Bitcoin Buyers Wary on Near-Term Market

FinTech, Innovation, Investing, News | June 14, 2017 By:

Cautious investors pulled back slightly on bitcoin and other cryptcurrencies today, as some slight profit-taking dominated the day’s trading.

After recovering from a steep decline on Monday, bitcoin’s single-coin price hovered around the $2,600 mark on Wednesday, down slightly from the $2,700 level on Tuesday.

No doubt there was more than one finger in the air, as investors wait and see if there will be a sudden rush to the exits by the fearful that can ignite a buying opportunity.

Other cryptocurrencies had similar performance issues. Ethereum enthusiasm dipped about five percent, resting at $375 at mid-day. Litecoin was holding steady at $30, Dash was down at $169, and Monero dipped to $48.50. Ripple XRP was the day’s big gainer, up nearly ten percent to $0.284028.

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TODAY’S 24-HOUR BITCOIN STATISTIC

Start time = ‘2017-06-13 15:00:01’
End time = ‘2017-06-14 15:00:01′

highest_price=’2940.00′
highest_price_at=’2017-06-14 01:30:00
highest_price_exchange=’BTCC’
highest_price_exchange_volume=‘7425620’
highest_volume_exchange=’BitMEX’
highest_volume_exchange_volume=’127106000′

lowest_price=’2404.98′
lowest_price_at=’2017-06-14 13:30:00
lowest_price_exchange=’Poloniex’
lowest_price_exchange_volume=’52142300′
lowest_volume_exchange=’OkCoin Intl.’
lowest_volume_exchange_volume=‘5841540’

weighted_average_price=’2683.90′
today’s price standard deviation = ‘72.24’
today’s standard deviation z-score = ‘0.72’
today’s volatility index = ‘56.0’

halfhour fee per byte, in satoshis = ‘450’
halfhour fee, typical transaction, in USD = ‘2.77’

The above information was culled and consolidated from 11 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.

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Despite today’s price retreat, bitcoin is still reveling in its recent sprint upward. Buoyed by the arrival of the long-awaited decision to make changes to expands its blocks, the bitcoin markets have doubled in price since it first topped $1300 in March. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since, albeit with scattered and temporary retreats.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, Korea’s startup frenzy, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the long-term rally.