Bitcoin Traders Adopt 'Wait and See' Stance As China Impact Fades

Bitcoin Traders Adopt 'Wait and See' Stance As China Impact Fades

Markets Weekly is a weekly column analyzing price movements in the global blockchain token markets. This edition looks at the week from 14th through 20th January. After a wild start to 2017, bitcoin took it slow this week. This relative calm was punctuated by a handful of sharp fluctuations, which saw the digital currency’s price fall to as little as $810 on 15th January and rise to as much as $914 on 18th January, data reveals. But, despite the calm, there was uncertainty under the surface. According to analysts, the market is still reluctant to make big moves in the wake of continued news from China that has found its central bank more actively engaging with local exchanges. Trader reluctance For now, this is keeping traders on the sidelines. Ryan Rabaglia,...

Bitcoin Prices Spike Above $900 But Turbulence Remains

Bitcoin Prices Spike Above $900 But Turbulence Remains

Bitcoin prices passed $900 today, though this feat was diminished by several rallies that ultimately failed to push its value above this benchmark. Overall, the digital currency rose to as much as $904.76, after falling below $880 earlier in the session, climbing above this level amid modest volatility. Later in the session, the price mounted another comeback, hitting a high just above $905, according to the CoinDesk USD Bitcoin Price Index (BPI). At press time, however, the price had dipped again to a value of $894.95. This upward movement represented the latest session of relatively mild price volatility, at least compared to the sharp price fluctuations experienced earlier this month. Most notable, however, about the day’s trading, may have been the lack...

Monero Prices Are Forging Closer Ties to Bitcoin

Monero Prices Are Forging Closer Ties to Bitcoin

Chart via Poloniex.com The price of monero appears to be developing a closer relationship with bitcoin, the world’s largest digital currency. Over the last six weeks, the two cryptocurrencies have displayed a correlation of 0.89, though it recent days this figure has edged higher. The pair enjoyed a tight correlation of 0.96 on 18th January, a time during which monero prices plunged roughly 10% as the privacy-oriented digital currency followed a drop in bitcoin prices. The price of monero fell to as little as $11.50, 9.9% below the daily high of $12.76 reached at 01:15 UTC, Poloniex data reveals. These price fluctuations took place as bitcoin dropped from as much as $910 to $858 over the course of the day’s trading. Overall, the price movements have...

Estimating China's Real Bitcoin Trading Volumes

Estimating China's Real Bitcoin Trading Volumes

Willy Woo is an entrepreneur, angel investor, derivatives trader and cryptocurrency enthusiast. In this guest feature, Woo takes aim at the prevailing notion that China’s bitcoin markets account for 98% of trading, suggesting that the real number is closer to 80%. Today, China’s exchanges report 98% of global volume, a figure that would suggest a huge dominance by its markets. Unfortunately, we know that most of this volume is fake. Unlike the rest of the world, China-based exchanges are unique in that they do not charge fees on bitcoin trades. Instead they make money via withdrawal charges out of the exchange. Further, these fees reduce as your trading volume increases, so this incentivizes traders to bolster this figure by buying and selling from...

Bitcoin's Price Breaks Out of Range to Reach $900

Bitcoin's Price Breaks Out of Range to Reach $900

The price of bitcoin surged today, rising more than 9% and exceeding $900 for the first time in nearly a week. Average prices across exchanges breached this level at 17:45 UTC, rallying to as much as $906.38 by 20:00 UTC, the highest total observed since 11th January on CoinDesk’s USD Bitcoin Price Index (BPI) reveals. Overall, bitcoin prices climbed into the low $900s after gaining more than $50 earlier in the session, rising to $896.75 by 08:15 UTC after opening at roughly $830. By climbing more than 9% during the session, bitcoin prices broke out of the relative calm they had enjoyed for several sessions, when the digital currency’s price repeatedly fluctuated between $800 and $840. New optimism Yet, under the surface, there have been changes in...