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Bitcoin Price Drop and News

July 12, 2017 at 21:14 by Daniel Green

This week began with a flash crash, that knocked the price of bitcoin down by almost $300 (an 11.31% drop in less than 20 hours). The plunge started on Monday at 10:00 GMT, from the daily high of $2,527.11, before stopping twice at the new weekly low of $2,239.54. This price point seems to holding as a very strong support, despite immense selling pressure and considerable negative news coverage. Bloomberg was the most prominent among the mainstream, differentiating itself with a rather sensational tweet.

The actual article in question was slightly more objective, albeit a bit short.

There was further mention of both bitcoin and ethereum in one of the Fortune’s latest finance articles. Aside from citing possible new bitcoin lows below $1,900, ethereum was additionally specified as being a bubble asset, along with the whole crypto currency ecosystem in general.

The case against the French national Mark Karpelès, former CEO of Mt Gox has also advanced considerably. New details about company practices arose during the latest Tokyo District Court hearing.

Marketwatch was one of the rare few media outlets offering a slightly more positive outlook on current bitcoin price action.

Even so, there is no denying that the total market cap of all crypto currencies has substantially fallen. Roughly $35,000,000,000 in market cap has vanished in the last month alone. This flight to fiat has resulted in an approximate equal split between bitcoin (55%) and altcoins (45%). The ethereum market cap accounts for $20,910,000,000 alone, which is more than ripple at $7,503,000,000 and the remaining crypto currencies combined, excluding the previously mentioned bitcoin.

Segwit have been steadily garnering more supporters as well. Their core base includes some of the largest exchanges and mining pools. They have also secured a larger percentage of bitcoin nodes
in comparison to competing solutions. Furthemore, those majority nodes are running on the latest Bitcoin Core client, which has shown to be more stable too. A positive resolution of the existing scaling/forking issues, could bode well for the fintech industry and crypto currencies as a whole.

Bitcoin had traded on July 10 at $2,527.11 until GMT 10:00. It was the beginning of an intense move down, that finally culminated in a new weekly Bitstamp low of $2,239.54 on July 11 (GMT 06:00). The new low ended up being a strong support on the next day as well, and has been holding for now, despite erratic trading.

If you have any questions or comments concerning bitcoin, please feel free to use the form below and reply or comment.

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