Bitcoin Meltdown Continues – Investors Ask, “Where’s The Floor?”br>
The cryptocurrencies markets have lost a combined $100 million in value over the last month, and bitcoin has dropped more than half its value.
Capitulation seems to be Friday’s theme, as bitcoin dipped as low as $7,500 on at least one exchange. ETH was back under $1,000, while Ripple XRP is now back to 0.848580 after hitting $3.50 just a short while ago.
There was little good news to be found today, as red arrows were uniform for the top 20 digital currencies. Combine that with an ongoing investigation of Bitfinex for bitcoin price fixing, increased government regulations and legal crackdowns, and you have an industry under severe pressure for the first time in a year.
How the market responds in these dark days will go a long way toward establishing the long-term value of cryptocurrencies.
Bitcoin market highlights for the 24 hours ending February 2, 2018 at 1:00 pm U.S. Eastern Time
The highest price seen was $9,516.09 on the Binance exchange at 4:48 pm yesterday. Binance saw $468,054,000 of bitcoin change hands.
The lowest price seen was $7,540.00 on GDAX’s exchange at 7:54 am today. GDAX’s 24 hour volume was $539,393,000.
The average price on the surveyed exchanges, as weighed by volume, was $8,746.83.
Volatility was nearly average, with the BlockTribune Volatility Index coming in at 50.6. A higher number indicates greater price volatility with 50 describing an average day.
These statistics were consolidated from 11 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.