Bitcoin’s Wild Price Swings Freeze Some Exchanges in Crypto Market Havoc

Investing, News | November 30, 2017 By:

If you’re trying to keep up with the cryptocurrency scene, keep your head on a swivel. The changes are so rapid that bull and bear markets develop and vanish within hours of each other.

Yesterday saw several exchanges, including Coinbase and GDAX, freeze because of the rapid transitions in price and the subsequent rushes to get in or out. Bitcoin was up to $11,300 at one point, then down to $8,500, then back up over $10,000. This morning, it sits at $9,700 per single coin, and who knows what the next 10 minutes may bring.

In general, the market saw massive profit-taking this morning, as red arrows indicated lots of money coming off the board and single-coin prices dropping rapidly. But as they say about the weather in Hawaii, if you don’t like it, wait 15 minutes. It’ll change.

Bitcoin market highlights for the 24 hours ending November 30, 2017 at 1:00 pm U.S. Eastern Time

The highest price seen was $10,881.50 on the Gemini exchange at 11:24 pm yesterday. Gemini saw $207,237,000 of bitcoin change hands.

The lowest price seen was $8,700.00 on GDAX’s exchange at 2:42 pm yesterday. GDAX’s 24 hour volume was $548,333,000.

The average price on the surveyed exchanges, as weighed by volume, was $9,970.71.

Volatility was unusually high, with the BlockTribune Volatility Index coming in at 75.7. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 7 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.