‘Twas the Night Before SegWit2x and All Through The House…

Event, FinTech, Innovation, Investing, News | July 31, 2017 By:

It’s almost Independence Day, as the long-awaited activation of SegWit2x – and the imminent fork into a new blockchain for Bitcoin Cash – are just hours away. While it’s a stretch to say not a creature was stirring, certainly this is a relatively calm period, as traders were either handcuffed by exchange shutdowns or holding on to see which way the winds are blowing.

This moment has been long predicted and provoked bitter arguments among the various bitcoin camps. There are a range of predictions as to what will happen in the near-term future to bitcoin, but still a lot of bulls in the yard when it comes to the future of the cryptocurrency.

Today, with many exchanges and ATMs halting inbound/outbound traffic, bitcoin’s single-coin price rose slightly, topping the $2,800 mark. The Block Tribune Volatility Index was low, owing to the number of players locked out of the market. Today’s BTVI for the preceding 24 hours sat at 45.7, indicating a below-average day of price swings.

Many bitcoin holders expressed frustration in social media, as long delays in moving out of locked-down custodial sites – most prominently, Coinbase – caused a lot of anxiety. Those who have bitcoin in a non-custodial wallet as of August. 1 will receive an equal amount of Bitcoin Cash, prompting the surge.  Bitcoin Cash has been pegged at initial valuations of $200 or more, but many may be buying it to immediately dispose of it, thereby crashing the crypto in its cradle.

Other cryptocurrencies mostly held steady at mid-day. Ethereum was back over the $200 mark after dipping below that level over the weekend; Litecoin was up to the $43 level (as word came out that barely anyone has bothered with its SegWit activation); Dash and Monero were both down slightly; and Ripple’s XRP was up incrementally.



Bitcoin market highlights for the 24 hours ending July 31, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $2,871.00 on the BTCC exchange at 8:54 am today. BTCC saw $7,590,520 of bitcoin change hands.

The lowest price seen was $2,630.90 on CoinsBank’s exchange at 1:18 am today. CoinsBank’s 24 hour volume was $5,153,190.

The average price on the surveyed exchanges, as weighed by volume, was $2,739.50.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 45.7. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 12 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.