Bitcoin, Other Cryptos Retreat On Red Arrow Thursday

Investing, News | September 21, 2017 By:

It was a red arrow Thursday in the cryptocurrency markets on Thursday, as profit-taking (or, if you’re a pessimist, a full-on retreat) took over the pricing indexes.

The red arrows saw legacy bitcoin (BTC) slump to just over the $3,700 mark at mid-day, down close to seven percent from yesterday, when it looked ready to go back over the $4,000 single-coin price. Similarly, Bitcoin Cash (BCC) took a dive, hitting $434 at mid-day, down close to 12 percent.

Predictably, the rest of the market joined the caravan heading south. Ethereum’s ETH was at $266, down more than seven percent; Ripple XRP was at $0.175957, a drop of more than four percent; Litecoin was down 10 percent to $47, while Dash was down percentage points to $339 and Monero suffered an eight percent drop to $88.

The Block Tribune Volatility Index, which measures price swings in bitcoin, stood at BTVI 49.9, indicating a slightly below-average day over the last 24 hours. But the index may be catching up to morning activity, when the single-coin pricing really started to go off the cliff.

Uncertainty is still in the air, and the cryptocurrency market certainly reflected that. There is still no final word from China on its official stance on exchanges, and the rumor markets are running wild. And today’s announcement by the US Securities and Exchange Commission that trading may have occurred from a hack certainly doesn’t reinforce confidence in anything cyber-related.


Bitcoin market highlights for the 24 hours ending September 21, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,262.65 on the LakeBTC exchange at 3:06 pm yesterday. LakeBTC saw $12,842,900 of bitcoin change hands.

The lowest price seen was $3,561.73 on Bittrex’s exchange at 12:48 pm today. Bittrex’s 24 hour volume was $43,656,600.

The average price on the surveyed exchanges, as weighed by volume, was $3,856.46.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 49.9. 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.