Bitcoin Down, Dragging Rest Of The Market Into Red Arrows

Investing, News | June 29, 2018 By:

As New York Knick Micheal Ray Richadson once noted, “The ship be sinking.”  Once again, bitcoin and the rest of the cryptocurrency market turned to red arrows up and down the top ten coins, as prices began an ominous downtrend.

At mid-morning, bitcoin stood at $5,900, down three and a half percent from Thursday. The rest of the top ten fared no better, with most losing five to seven percent.

What’s going on?  Some huge whale moves, apparently, as earlier this week, a huge cash-out appeared underway in at least one exchange, as Poloniex saw $450 million depart. Was this a capitulation, or just some sort of arbitrage?

This weekend will be an interesting test of which way the wind is blowing in cryptocurrency, as day traders kick in.

Bitcoin market highlights for the 24 hours ending June 29, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,361.37 on the DigiFinex exchange at 2:07 pm yesterday. DigiFinex saw $31,865,300 of bitcoin change hands.

The lowest price seen was $5,725.25 on CoinsBank’s exchange at 2:13 am today. CoinsBank’s 24 hour volume was $15,015,500.

The average price on the surveyed exchanges, as weighed by volume, was $5,926.30.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 52.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 19 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.