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14 Jan 2015
Global Bitcoin trade volume surges on 15% price decline – CoinDesk
FXStreet (Barcelona) - The CoinDesk Analysis Team notes that Bitcoin trade volume surged as the price of the cryptocurrency fell below the $200 mark, with exchange order books hitting 183,000BTC, roughly $36.6m.
Key Quotes
“As the bitcoin price plunged below the $200 mark, hitting a low of $170.08, holders of the cryptocurrency sold the asset in a surge of millions of orders across bitcoin exchanges globally.”
“With the price teetering on the brink of the $200 level around 07:20 (GMT), global exchange trading volume began to pick up. The number of trades per minute executed on exchanges tripled, from around 1,000 to 3,370 at its peak, according to data from Bitcoinity.”
“As trading velocity spiked, the total amount of volume hitting exchange order books grew to a high of 183,000 BTC (roughly $36.6m).”
“While trading surged, however, the bitcoin price nose-dived below $200, losing about $30. It hit a low at 07:44am, 15 minutes after the selloff began.”
“Current hourly swaps shows shorts with 67% of the market, although longs had a 57% share at around 10:00, as the price rose. At press time, total active swaps still showed longs dominating, with a 76.6% share.”
“The question hanging over the bitcoin markets remains: did the price find a bottom at the $170 mark, or will it plumb even greater depths? Conversely if a bottom has been found, what will be the rate of a rebound?”
Key Quotes
“As the bitcoin price plunged below the $200 mark, hitting a low of $170.08, holders of the cryptocurrency sold the asset in a surge of millions of orders across bitcoin exchanges globally.”
“With the price teetering on the brink of the $200 level around 07:20 (GMT), global exchange trading volume began to pick up. The number of trades per minute executed on exchanges tripled, from around 1,000 to 3,370 at its peak, according to data from Bitcoinity.”
“As trading velocity spiked, the total amount of volume hitting exchange order books grew to a high of 183,000 BTC (roughly $36.6m).”
“While trading surged, however, the bitcoin price nose-dived below $200, losing about $30. It hit a low at 07:44am, 15 minutes after the selloff began.”
“Current hourly swaps shows shorts with 67% of the market, although longs had a 57% share at around 10:00, as the price rose. At press time, total active swaps still showed longs dominating, with a 76.6% share.”
“The question hanging over the bitcoin markets remains: did the price find a bottom at the $170 mark, or will it plumb even greater depths? Conversely if a bottom has been found, what will be the rate of a rebound?”