Bitcoinist Weekly News Re-Hash: Central Banking Against Bitcoin, Bears Take the Market?
This week, the bears tested the bulls’ control over the market, attempting to shake them on Sunday. The bitcoin price just barely made a gain during the week after the massive drop on Sunday from the $460s into the $430s. Overall, the price increased by 0.61%. The week began on December 14, 2015 with the bitcoin price at $436.35, still riding the rally that kicked off last week. The markets saw some gradual growth during the first half of the day; by noon, the price had climbed into the mid $440s. It took a dip going into the afternoon, though, falling to $439 at 5 PM. As the evening....
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This week has been somewhat depressing for those hoping to see a return of the bull run that has characterized the market activity of the past couple weeks. The bulls did not make a reappearance this week, while the bears had a firm hold of the Bitcoin price. This week may not be all bad, though. The seemingly tough resistance we have seen at $300 may suggest a leveling-out point, which could mean at new, $300 baseline for Bitcoin. The markets kicked off the week on November 9, 2015 with the Bitcoin price at $369.07. This price point is significantly lower than the levels seen during the....
This past week saw a lot of hot news stories coming from the Bitcoin community and the organizations powering the growth of the ecosystem. Bitcoin Classic appeared in the news a few times throughout the week, reminding us that the block size debate is far from over. In terms of price, not much happened at the macro level. Hardly any change took place between the open and close of the week, with the price falling less than one percent in total. However, the day-to-day activity certainly gave traders a lot to be excited about, with a lot of big declines and welcome gains. Total Change: -0.10%
We saw some interesting activity in the Bitcoin markets this week. During the first half of the week, we saw a run-up to $460, followed by a few days that made us think that $460 might be a new sticking point in the market. Those notions were dashed during the latter half of the week though, as the price starting falling on Christmas night, hitting a low of $407. A late-week recovery brought the price back up, though, and overall we saw a 2.63% decline over the entire week. Total Change: -2.63%
For the last few weeks, the Bitcoin price has been on a high following bad financial news from Greece and China. Greece once again found itself staring down the barrel of a debt crisis, while China found itself in the clutches of a stock market collapse. The Bitcoin community met these ominous occurrences with optimism; the next global recession will surely give Bitcoin an opportunity to shine. The possibility of a global recession, combined with the hopes of a mass migration to Bitcoin, sent the Bitcoin price upwards until it hit resistance at $300 last week. Since then, the price has....