Bitcoin Price Recovers from Post-Christmas Decline
The price of bitcoin plummeted almost immediately after Christmas by around 10%, dropping from US$455 to US$410 per bitcoin as expected. Prior to the decline, bitcoin experts predicted a substantial decrease in the bitcoin price following the plunge in bitcoin daily transaction and trading volumes. According to data provided by bitcoinity, both daily transactions and trading volumes dropped by over 14%, even on dominant bitcoin exchanges such as OKCoin and BitFinex. Bitcoin performed particularly bad against the Chinese Yuan, as seen below.
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Bitcoin is enjoying a strong post-Christmas rally despite a strong drop heading into the holiday. The leading cryptocurrency just burst past $26,000 a few minutes ago and is up 7% in the past 24 hours alone. BTC is now at a new all-time high at $26,500. Chart of BTC's price action over the past two […]
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%
Today’s bitcoin price has remained stable at the US$430 margin, after showing a significant decline against the US Dollars prior to Christmas, on December 24. Over the past two days, the bitcoin price continued a positive trend, as trading volumes of prominent exchanges including OKCoin and BitFinex recovered from their recent decline during the Christmas season. According to OKCoin’s most recent update, the exchange’s daily trading volume (24 Hour Volume) recorded around 17,500 bitcoins, which is worth near US$7 million at the time of writing. Financial experts reasoned the recent decline....