Capitulation? Bitcoin’s Price Dropped 36% in November

Bitcoin (BTC) tanked in November on the back of high volumes, raising the possibility that the market has, to some extent, capitulated. The largest cryptocurrency by market capitalization is currently trading at $4,000 – down 36 percent from its monthly opening price of $6,318 – according to CoinMarketCap data. That drop marks the biggest monthly loss of the year so far. Amid the losses, trading volumes jumped by 33 percent month-on-month to $158.48 billion – the highest level since May. It is worth noting that, at the start of the…

Up 15%: Bitcoin’s Price Bounces Back After 14-Month Low

Bitcoin’s 15-percent recovery from the 14-month low hit yesterday may have opened the doors for short-term price consolidation. The leading cryptocurrency by market value dropped through the support of the trendline connecting the August 2015 and August 2016 lows and fell to $3,474 yesterday – the lowest level since Sept. 17, 2017 (prices as per Bitstamp). At that level, BTC was down 38 percent from the highs above $6,300 seen two weeks ago. The drop was short-lived, however, and prices closed yesterday (as per UTC) at $3,939 – well above…

Below $4k: Bitcoin’s Price Drops to a 420-Day Low

The price of bitcoin fell below $4,000 for the first time today since September 27th of last year. At around 16:20 UTC Saturday, the world’s largest cryptocurrency by market capitalization sank to an average price across exchanges of $3,970.43, a figure 7.5 percent lower than the day’s opening price of $4,298.83, according to Coindesk’s Bitcoin Price Index.  At $3,745.89 as of press time, BTC’s price is now down more than $1,700, or 30 percent, in the past seven days alone and 81 percent from its all-time high of roughly $20,000,…

Bakkt, Fidelity Could Solve Bitcoin’s Liquidity Issue

Twitter Facebook LinkedIn Over the past week, the price of Bitcoin has dropped by more than 35 percent, and the majority of analysts in the crypto space have shared the sentiment that the crash was triggered by the contentious hard fork of Bitcoin Cash. According to Bart Smith, the head of digital asset at trading giant Susquehanna, a lack of liquidity in Bitcoin markets allowed the dominant cryptocurrency to be vulnerable to a large sell-off caused by the Bitcoin Cash hash power war and hard fork. In the months to…

Bitcoin’s Price On Pace to Post Worst Month Yet in 2018

Bitcoin’s drop to 13-month lows has likely put the cryptocurrency on the path to post its worst monthly loss of 2018. The leading cryptocurrency is currently trading at roughly $4,700 – down roughly 26 percent from the monthly opening price of $6,320 – according to CoinDesk market data. As of now, November is the second-worst month of 2018, the first being March with a 32 percent price drop. November, however, would take the top spot if prices find acceptance below $4,200, pushing the monthly loss above 32 percent. Indeed, BTC…

Bitcoin’s True Stress Test Is Yet to Come

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Rekt? You should see the other guy. For anyone concerned about bitcoin losing another 4 percent in October to post its third straight monthly loss, it’s worth comparing that loss to those seen by traditional financial markets. By standard measures, last month was the worst on Wall Street since the…

‘Tis the Season — to Evaluate Bitcoin’s Price Performance

Twitter Facebook LinkedIn By Rafael Delfin, Head of Research at Brave New Coin, a leading provider of high-value cryptocurrency market data and insights, since 2012. October 31st, 2018 marked the 10-year anniversary of the publication of Bitcoin’s white paper. While it was initially circulated among a small and obscure cryptography mailing list, one decade later, the implementation of the mythical white paper is disrupting the world’s notion of money, sovereignty, and everything in between. Since its inception, bitcoin’s performance has been nothing short of extraordinary. With its highly volatile nature,…

Op Ed: Bitcoin’s Energy Consumption Is Neither Frivolous Nor Excessive

As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency. Unfortunately, there are many misconceptions around energy use and why it’s required to safely and securely transact cryptocurrencies. During our ribbon-cutting ceremony in the City of Medicine Hat in September 2018, a reporter asked me how I felt about something “frivolous” like bitcoin using so much energy. I was taken aback by the question. It indicated a…

4 Reasons Why Bitcoin’s Price Could Now Drop to $6K

Bitcoin’s drop to three-week lows today has likely kick-started a bearish move towards the major support at $6,000, technical charts indicate. The leading cryptocurrency fell to $6,252 on Bitfinex – the lowest level since Sept. 19 – and was last seen trading at $6,300, representing a 5 percent drop on a 24-hour basis. The failure to capitalize on Monday’s move above the crucial 10-week exponential moving average (EMA) resistance of $6,998, despite the upside break of a key falling trendline, ended up emboldening the bears, as expected. More importantly, the…

Bitcoin’s Price Volatility Just Hit Another 15-Month Low

Bitcoin price volatility continues to drop, with one measure having reached a 15-month low. Weekly volatility, as calculated by the difference between the high and low, fell to $317 last week – the lowest reading since the first week of July 2017 – according to Bitfinex data. More importantly, the leading cryptocurrency witnessed a trading range of $498 and $741 in the previous two weeks, respectively. The data indicate that BTC is being squeezed in an ever-narrowing price range and, as per technical rules, a decisive move is overdue. Other measures…