Bitcoin Price Shaky after Sudden Drop, MyCoin News Likely Rattling Traders
They have since recovered slightly to $216 but appear to be treading on shaky ground. While a move of 4% in such a period is commonplace, it is out of place for what has been a tight trading range around $220 during the past 72 hours.
Volume surged to over 1,000 BTC/hour as the price hit its lowest point in 72 hours.
It is possible that traders just waking up to the MyCoin news have reacted defensively, with the extent and duration of unease perhaps to be determined by developments in the story. MyCoin, a Hong Kong-based bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has reportedly disappeared with millions in client funds.
Thus far, price declines have yet to show definite signs of snowballing.
The cruel irony may be that the market is growing used to such events and no longer reacts in a fashion as it did during the MtGox collapse. Conversely, the market may also be optimistic that the industry will pull through such events, as it has in the past.
They have since recovered slightly to $216 but appear to be treading on shaky ground. While a move of 4% in such a period is commonplace, it is out of place for what has been a tight trading range around $220 during the past 72 hours.
Volume surged to over 1,000 BTC/hour as the price hit its lowest point in 72 hours.
It is possible that traders just waking up to the MyCoin news have reacted defensively, with the extent and duration of unease perhaps to be determined by developments in the story. MyCoin, a Hong Kong-based bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has reportedly disappeared with millions in client funds.
Thus far, price declines have yet to show definite signs of snowballing.
The cruel irony may be that the market is growing used to such events and no longer reacts in a fashion as it did during the MtGox collapse. Conversely, the market may also be optimistic that the industry will pull through such events, as it has in the past.