Bitcoin Price Update: Will China Lead us Down?
Bitcoin Priced in USD on Mt. Gox. Above is Gox price as of ~9:30 PM (GMT+2). Still above the previous low, but dipping below the 38.2% retracement level. Note the low volume. What's leading us down? I suspect the trading fees implemented on BTC China, as documented elsewhere on this site. 0.3% fees are still cut-rate by Western standards, but the Chinese may have taken it as a negative sign. I believe that free services are common to China's highly competitive, winner-take-all economy. Bitcoin Priced in CNY on BTC China. And here's Bitcoin price in China; note that volume remains high and....
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The price of bitcoin reached $900 on Mt. Gox at around 01:15 GMT, with the highest price recorded on BTC China being 6,989 CNY ($1,147) at around 01:00 GMT. The CoinDesk BPI reached $781 at 01:13 GMT. The price has now dropped, though, with BTC China showing 4,000 CNY, Mt. Gox showing $670 and the CoinDesk BPI showing $575. UPDATE (18th November, 22:45 GMT): the price of bitcoin reached $750 on Mt. Gox within the last hour-and-a-half. The highest the price reached according to the CoinDesk BPI was $636 at 21:28. This price increase coincided with the Senate hearing about bitcoin, in which....
Something is happening in China. As you can see above there is definitely something going on in China. More than 5000 Bitcoins have been traded in less than 60 seconds and there seems to be a massive downtrend. Some have asked us if the Bitcoin exchange Huobi is closing. We are looking into the case and will update this post whenever we have any more information. We have written an analysis today that might be of interest: Bitcoin Price Fails at Major Resistance. UPDATE: the Bitcoin price seems to have stabilized now. The Daily Competition. We are celebrating our enormous growth by....
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