Bitcoin Market Report: BTC Drops Below $4000
Bitcoin drops below $4000 as Chinese regulatory measures and social media rumors depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36. BTC/USD is trading between a 24hr high of $4147.87 and a 24hr low of $3831.08 on a 24hr Okcoin volume of 544 BTC. The weekly trend is down.
|last price||$ 3967.36|
|one week ago||$ 4676.01|
Bitcoin drops below $4000 as Chinese regulatory measures depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36.
On September 01 on OKCoin bitcoin reached an all time high (ATH) of $5149.96. It’s been all downtrend since. The ATH resulted in profit taking which sent the price sharply lower.
Compounding the price descent was ambiguous reporting of the Chinese announcement to introduce regulatory controls for bitcoin and in particular ICO’s. In social media this was quickly misconstrued and erroneously reported as a ban on bitcoin exchanges. This led Chinese officials to make a second statement saying the action was to “pause” ICO’s, not to ban them.
While misreporting accounts for much of the price depression other factors also impacted the price of bitcoin.
In mainstream US finance a well known American banker was reported to have said bitcoin was “fraud”:
— bitBrokers Inc (@bitbrokersinc) September 13, 2017
While markets lost value as investor confidence was eroded, bitcoin users pushed back:
jamie dimon just called Bitcoin a fraud, hmm…its almost as if Bitcoin made predatory home loans then got a bailout and never went to jail
— billy watson (@Billyisgreat123) September 12, 2017
CoinMarketCap YTD Chart
Bitcoin spot prices from four major exchanges at print time:
Bitcoin @Poloniex is $3879 down 6.3% in twenty-four hours.
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Price change is the percentage change within the period:
Okcoin is the data source for this market report – except as noted.
Market capitalization is the total $US dollar value of the Bitcoin market calculated using the formula:
|Market cap||$ 65,713,367,360|
|Last price||$ 3967.36|
Daily High Low
The weekly trend is down.
Support is the lowest price within the period:
Resistance is the highest price within the period:
Range is the difference in price within the period:
Market sentiment is bearish.
Bitcoin drops below $4000 as Chinese regulatory measures and social media rumors depress the price. Bitcoin is down -2.28% in 24 hours, down -15.16% on the week and down -2.32% on the month on a last price of $3967.36. The weekly trend is down. BTC/USD saw weekly resistance at $4782.59 and weekly support at $3672.71. Market sentiment is bearish.
Past history is NOT an indicator of future results. Read the legal disclaimer:
Bitcoin, BTC, USD, Okcoin, Market, Report, BTC/USD