Crypto Markets Plummet On Bad News From China and India

Investing, News | July 10, 2018 By:

Look out, below. A day after optimism reigned o’er the cryptocurrency world, hopes came crashing back to earth, as red arrows dominated the top ten coins.

As of mid-morning, bitcoin was down to the $6,300 level, a loss of nearly six percent off of Monday’s high. Similarly, the rest of the top ten coins lost anywhere from five percent to 12 percent, with charts resembling an crashing airliner.

Although it is typically hard to pinpoint specifics, investors were no doubt spooked by comments from the People’s Bank of China on crushing initial coin offerings, and the continued intransigence of the Indian government on cryptocurrency. Thus, with an opportunity to take profits off the table, the market did so.

Bitcoin market highlights for the 24 hours ending July 10, 2018 at 1:00 pm US Eastern Time

The highest price seen was $6,995.99 on the DigiFinex exchange at 6:19 pm yesterday. DigiFinex saw $42,963,800 of bitcoin change hands.

The lowest price seen was $6,316.33 on Simex’s exchange at 7:43 am today. Simex’s 24 hour volume was $45,098,800.

The average price on the surveyed exchanges, as weighed by volume, was $6,593.83.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 58.6. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 15 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.