Markets Weekly: Trading Volumes More than Double Amid Price Surge
The bitcoin markets were frothing last week as the price soared to a high of $458 on Thursday. Trading volumes more than doubled as markets were stimulated by the surging price. Volumes rose by 2.3 times to nearly 6m BTC traded over the last seven days, compared to a week earlier. The stage was set for a price surge a week ago, as the markets digested the news of the inter-continental dark markets bust called Operation Onymous. In the last week, prices swung a massive $97.57 from a trough on 11th November to a peak two days later. The price rose from $360.58 at the week's bottom to $458.15....
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Following mid-November's price spike, the bitcoin markets have resumed regular service. The price has dropped slightly, while trading volumes have reverted to more commonly observed levels. The price started last week at $385, according to the CoinDesk BPI, and closed the week at $366 - a fall of 5%. Trading volumes fell precipitously by 39% last week compared to a week earlier. The number of coins that changed hands across all exchanges tracked by Bitcoinity stood at 3.68 million - down from 5.99 million over the previous seven days. CoinDesk BPI 17th-23rd November. Last week's giddy....