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Bitcoin extends rebound amid manipulation rumors
Bitcoin prices rose for the third consecutive day to move further away from an 11-month low hit earlier in the week on Wednesday as investors returned to the market to seek cheap valuations in wake of recent losses.
Bitcoin (BTC/USD) advanced $6.50, or 1.96%, on Slovenia-based BitStamp to trade at $337.69 during U.S. morning hours. Bitcoin tumbled to an 11-month low of $275.00 on October 6.
The price of a bitcoin on Bulgaria-based BTC-e tacked on $7.00, or 2.15%, to trade at $333.00, while prices on Singapore-based itBit picked up $2.47, or 0.74%, to trade at $334.53.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 0.33% to trade at $335.20.
Bitcoin plunged by as much as $99.62, or 26.6%, over the weekend to hit an 11-month low, amid heavy volume but without any obvious trigger.
A number of traders and market analysts attributed the plunge to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
According to market rumors, an individual or group recently put an estimated 30,000 bitcoin onto the market at a price of $300 per coin. Anyone who bought in the sale made a quick 10% or greater profit directly following.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) inched up €2.71, or 1.02%, to trade at €267.54 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices added CNY20.95, or 1.03%, to trade at CNY2,056.00 yuan on Beijing-based OKCoin, while prices on Shanghai-based BTC China retreated CNY11.87, or 0.57%, to trade at CNY2,060.76.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 55% from its June highs of $683, and roughly 75% below its all-time high near the $1,240-level hit in late November 2013.
Bitcoin’s market cap is down to just $4 billion, after peaking at $13.9 billion in December 2013, even as the virtual currency has been getting more popular with merchants and retailers in recent months, including PayPal, Expedia (NASDAQ:EXPE), Overstock.com (NASDAQ:OSTK) and Dell.
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This is perhaps the most unstable currency in the world right now.
This is perhaps the most unstable currency in the world right now.
It is not a currency (yet)
Some countries are treating it as a commodity and some banned it
Bitcoin rebound continues as prices rise to $380-level
Bitcoin prices continued to rebound from an 11-month low hit earlier in the month on Monday as investors awaited the next catalyst to influence price direction.
Bitcoin (BTC/USD) advanced $4.66, or 1.25%, on Slovenia-based BitStamp to trade at $377.56 during U.S. morning hours. Bitcoin tumbled to an 11-month low of $275.00 on October 6.
The price of a bitcoin on Bulgaria-based BTC-e tacked on $1.88, or 0.51%, to trade at $370.88, while prices on Singapore-based itBit picked up $9.83, or 2.68%, to trade at $376.94.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dipped 0.45% to trade at $374.50.
Prices of the virtual currency have recouped nearly all of the losses suffered earlier in the month as investors returned to the market to seek cheap valuations.
A number of traders and market analysts attributed the recent slide to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) inched down €0.10, or 0.03%, to trade at €299.90 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices dipped CNY0.33, or 0.01%, to trade at CNY2,288.67 yuan on Shanghai-based BTC China, while prices tacked on CNY40.18, or 1.79%, to trade at CNY2,293.41 on Beijing-based OKCoin.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 45% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.
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Bitcoin climbs above$400 as rebound continues
Bitcoin prices reclaimed the key $400-level on Tuesday, as investors continued to snap up the virtual currency after prices fell to an 11-month low earlier in the month.
Bitcoin (BTC/USD) rose to a session high of $417.99 on Slovenia-based BitStamp earlier in the day, the strongest level since September 25.
Prices last traded at $406.48 during U.S. morning hours, up $16.51, or 4.23%. Bitcoin tumbled to an 11-month low of $275.00 on October 6.
The price of a bitcoin on Bulgaria-based BTC-e tacked on $12.32, or 3.21%, to trade at $396.62, while prices on Singapore-based itBit picked up $2.23, or 0.57%, to trade at $390.18.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rallied 2.99% to trade at $400.01.
Prices of the virtual currency have recouped all of the losses suffered earlier in the month as investors returned to the market to seek cheap valuations.
A number of traders and market analysts attributed the recent slide to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) jumped €10.08, or 3.28%, to trade at €316.98 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices edged up CNY66.05, or 2.78%, to trade at CNY2,443.92 yuan on Shanghai-based BTC China, while prices tacked on CNY61.85, or 2.6%, to trade at CNY2,444.72 on Beijing-based OK Coin.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 45% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.
Bitcoin’s market cap is down to just $4 billion, after peaking at $13.9 billion in December 2013, even as the virtual currency has been getting more popular with merchants and retailers in recent months, including PayPal, Expedia, Overstock.com and Dell.
source
Yes, it did retrace to 418 but nor before making a record low of 300
Bitcoin rally pauses as chart signals weigh
Bitcoin prices hovered below the $400-level on Wednesday, as investors sold the virtual currency amid bearish chart signals.
Bitcoin (BTC/USD) fell $17.17, or 4.21%, to trade at $390.93 on Slovenia-based BitStamp during U.S. morning hours.
BitStamp rallied to $416.65 on Tuesday, the strongest level since September 25. Prices tumbled to an 11-month low of $275.00 on October 6.
The price of a bitcoin on Bulgaria-based BTC-e shed $15.56, or 3.91%, to trade at $382.74, while prices on Singapore-based itBit retreated $6.55, or 1.67%, to trade at $386.17.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost 2.79% to trade at $387.59.
Prices of the virtual currency have recouped all of the losses suffered earlier in the month as investors returned to the market to seek cheap valuations.
A number of traders and market analysts attributed the recent slide to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) dropped €8.25, or 2.63%, to trade at €306.00 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices edged down CNY47.83, or 1.96%, to trade at CNY2,390.65 yuan on Shanghai-based BTC China, while prices dipped CNY83.18, or 3.36%, to trade at CNY2,390.99 on Beijing-based OK Coin.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Prices of the virtual currency are down nearly 45% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.
Bitcoin’s market cap is down to just $4 billion, after peaking at $13.9 billion in December 2013, even as the virtual currency has been getting more popular with merchants and retailers in recent months, including PayPal, Expedia, Overstock.com and Dell.
source
Bitcoin Lacks Buy-Side Demand
Large selling pressures across multiple exchanges have pushed the (Bitcoin) price below the first daily support level at $385.39 today. The origin and intentions of these co-ordinated sell orders are unknown and could be an attempt to pre-empt a move down. The second daily support level at $382.21 is currently being tested. If the price action continues to move lower, support will be found at $379.68. If buying pressures dominate, the price action should tend toward the daily pivot point at $388.92.
The CEO of Coinsetter recently argued that the Bitcoin price has declined as non-speculative Bitcoin users are mostly sellers at the moment, where speculative buyers are supporting upward price movements. At present, there is not enough buy-side demand to outweigh the non-speculative selling pressures. The Bitcoin industry is around 2-3 years out from matching existing payment systems value to consumers and weak price growth is expected until that is resolved. Also, regulatory challenges need to be overcome, nevertheless the long-term outlook is positive and the price action should improve as demand grows over the long run.
Crypto Lending
Yuanbao, a Chinese exchange, now offers its customers a mortgage for their Bitcoin. Fiat based peer-to-peer loans are now offered using Bitcoin and other virtual currencies as collateral. These services do not actually lend Bitcoin, users borrow and lend fiat currency only. Borrowers can set the terms, with interest rates ranging between 10-30% and maturity ranging from 15 days to one year. 2.5 million worth of Yuan has been loaned since the platform’s launch in early September. Also, BTC China has added several services to its existing offerings. A new mining pool and a merchant’s payment processing system are part of the expanded services offered. This development reflects a recent diversification trend that has been observed among Bitcoin companies in China. BTC China now covers all aspects of the digital economy, allowing users to mine and store Bitcoin, as well as acting as a payment merchant and an exchange for fiat currency.
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Bitcoin Bearish Momentum Suggests Range Trading Ahead
Bearish pressure on Bitcoin has seen prices fall from the highs of $417.99 established in mid-October by around $90. The current price stands at $330.29, up over 1% on the day, as a minor recovery takes place. Over the weekend, high selling pressures pushed the crypto-currency down significantly to a low of $316.61, but buyers managed to bring the price back around $325 by the start of the week. The first traditional weekly support level lies at $307.48, while the first weekly resistance is at $350.57.
A new service has been launched by Bitwage, allowing workers and independent contractors to receive all or part of their pay in Bitcoin, even if their employers do not offer the option. While many merchants have started accepting Bitcoin payments, it is still relatively difficult to obtain Bitcoin in a secure and easy way. Allowing anyone to receive their wages in Bitcoin should help to boost adoption and increase the market capitalization. Employees can receive anywhere between 1% and 100% of their wages as it provides a way to get paid from anywhere in the world, without a bank account.
There have been several positive developments regarding regulation in the US and UK towards Bitcoin recently. First, in the UK the Treasury has issued a ‘Call for Information’ to weigh the potential benefits and costs of crypto-currencies. This request will be open for one month, allowing businesses, individuals and other organisations to provide comments on the net impact of crypto-currencies on the economy. The ‘Call for Information’ includes 13 questions on the benefits, costs and crime risks of crypto-currencies.
Second, a commissioner from the Commodities and Futures Trading Commission in the US, Mark Wetjen, has called for flexible regulation of Bitcoin. He noted the potential of crypto-currencies to be disruptive innovations that will capture a share of the derivatives market. The first Bitcoin derivatives exchange in the US, TeraExchange, was approved by the CFTC in September, with other platforms that intend to list Bitcoin derivatives contracts in the future. Wetjen is in favour of flexible regulation as Bitcoin or similar technologies can bring innovation to financial markets, such as currencies, securities and contracts.
The chart below shows the daily price action on the BitStamp exchange and the Ichimoku cloud. The base line has moved above the conversion line as we have entered November, signalling bearish momentum. The Ichimoku cloud should act as a strong ceiling going forward and is horizontal in the periods ahead, suggesting ranging price action in the days ahead. The cloud will act as resistance at around the $350 level.
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Bitcoin rallies above the $450-level before pulling back
Bitcoin prices rallied above the $450-level on Thursday, before retracing gains as speculators cashed out of the market to lock in recent gains.
Bitcoin (BTC/USD) touched a session high of $453.92 on Slovenia-based BitStamp earlier in the day, the most since September 17, before turning lower to trade at $417.00 during U.S. morning hours, down $9.12, or 2.14%.
The price of a bitcoin on Bulgaria-based BTC-e dipped $4.00, or 0.95%, to trade at $415.13, while prices on Singapore-based itBit declined $8.34, or 1.95%, to trade at $420.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency slumped 2.44% to trade at $416.80. The index hit a high of $458.05 earlier in the session.
Bitcoin prices have been well-supported in recent days as investors returned to the market amid bullish chart signals.
Prices of the virtual currency are up nearly 24% since hitting a recent low of $317.80 on November 1.
The price increase has been accompanied by a rise in trading volume and coincides with the recent crackdown of U.S. and European authorities against illegal websites operating on the so-called Tor network, such as online drug marketplace Silk Road 2.0.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) eased down €0.20, or 0.02%, to trade at €330.48 on U.S.-based Kraken Exchange.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China retreated 22.99 yuan, or 0.86%, to trade at 2,651.02 yuan, while prices on Beijing-based OKCoin decreased 28.29 yuan, or 1.06%, to trade at 2,651.27 yuan.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
read more