Bitcoin Market Report: $BTC Anemic After Christmas Crash
Bitcoin price is anemic after the December 17 2017 crash. Bitcoin is down -6.29% in 24 hours, down -19.43% on the week and down -16.51% on the month on a last price of $13,281. The Bitcoin marketcap is $223,160,643,000 with a circulating supply of 16,803,000 $BTC. $BTC/USDT is trading between a 24hr high of $13,365 and a 24hr low of $12,504 on a 24hr OKEx volume of 41,504 BTC. In daily light to moderate volume trading the weekly trend is sideways.
- Last price
- Price change
- Market Share
- Opinion: “Asian Governments Shoot Themselves in Foot”
- Highlight Chart
- Data source
- Market capitalization
- Daily high low
- Market sentiment
- Analytic Strategy
- Bitcoin & Ethereum Market Reports
|last price||$ 13,281|
|one week ago||$ 16,484|
Price change is the $BTC percentage change within the period:
|$BTC||24 hour volume|
|all $BTC currencies||803,703 BTC|
The 24 hour volume for $BTC/USDT on OKEx is 41,504 BTC. This volume weight is light to moderate when compared with OKEx daily trading levels for $BTC over the last month.
The total 24 hour volume for all reporting $BTC markets is 803,703 BTC.
Bitcoin price is anemic after the December 17 2017 crash. Bitcoin is down -6.29% in 24 hours, down -19.43% on the week and down -16.51% on the month on a last price of 13281. The Bitcoin marketcap is $223,160,643,000 with a circulating supply of 16,803,000 $BTC. $BTC/USDT is trading between a 24hr high of 13365 and a 24hr low of 12504 on a 24hr OKEx volume of 41,504 BTC. In light to moderate volume trading the weekly trend is sideways.
When the weekly resistance is on a deep falling red daily candle dated one week ago, the outlook for a rising price is poor – if not bleak.
The outlook worsens when – as in today – the lowest price of the entire week is the current 24 hour low. Combined this points towards sideways movement for $BTC, at best.
The glory days of pre Christmas late November had double digit leaps, compounded daily. These increases fell apart on the seventeenth of December 2017 when bitcoin began to crash.
Now post crash we are seeing listless performance of what once was the darling of the cryptos. Here’s the daily opening price of bitcoin in the last six days:
Daily Opening Price of Bitcoin – OKEx.com
The date range is January 07 through thirteenth 2018:
It is difficult – if not impossible – to read these descending numbers and call it an upwards bound market.
Asian Countries Shoot Themselves in Foot
It had taken the bright and resilient Chinese born entrepreneurs just two years to put together a cryptocurrency juggernaut. The juggernaut was four exchanges: OKCoin, BTCC, Huobi, and LakeBTC. Together these exchanges accounted for over ninety-five percent of the entire worldwide bitcoin market. These intrepid entrepeneurs created a new multi billion dollar market in the heart of China from nothing.
Then the government stepped in. First China banned ICO’s, then later banned bitcoin and crypto exchanges in mainland China. Exempt were the exchanges in Hong Kong, Special Administrative Region. Exchanges moved out of mainland China, or closed. OKEx, data source for this report, now prints “Corporate Address: No. 5 Cork Street, Belize City, Belize” on their website.
Next, ignorant of the economic benefits of the collapsed fledgling industry next door, Korea began to make noises in a similar fashion to China. Apparently officials are concerned that bitcoin will supplant fiat. Really? There is overwhelming evidence that bitcoin has failed to crack the everyday use market. When did you last see anyone buy a product or service with bitcoin? Bitcoin is just an investment vehicle at this point in time.
Cryptocurrency is also really good at raising funds via ICO. Raising funds for exciting innovative ventures is something venture capitalists and the existing financial industry have failed miserably at.
Many are employed in the cryptocurrency industry. Some are employed in crypto mining. Chinese have had a stranglehold on mining. Indeed, the Chinese companies completely dominated the entire cryptocurrency industry. Instead of taking the opportunity to gain economically from this position of strength, China chose to close crypto exchanges down. Short sighted!
With creation of new industries and markets so hard to make, it is a wonder that China would close down a new multi billion dollar market without so much as a thought to their economic benefit – not to mention potential political leverage. That Korean politicians might presume to follow suit is even more stupid than one might think possible.
Asian countries should be benefiting from their position of strength in the crypto industry. Instead, asian countries are shooting themselves in the foot. The better way forward is to leverage new opportunities – and support your own nationals and their own innovative hard work.
Or maybe we’ll just all pay taxes in Belize.
Opinions expressed above are those of KittyBitcoin and although highly valued are not those of @allcoinsnews.
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This may be bad news for all the investors who bought in at prices thousands higher – even as high as $19,821 on OKEx. However, buy and hold is the mantra for many, and those who do are likely to find their bitcoin in great shape twelve months from now, and likely much sooner.
OKEx is the main data source for this report. Other sources are credited where used.
Market capitalization is the total $US dollar value of the Bitcoin market calculated using the formula:
|Market cap||$ 223,160,643,000|
|Last price||$ 13281|
Daily High Low
|daily high||13365 USDT|
|daily low||12504 USDT|
The weekly trend is sideways.
Trend is "sideways" when there is no clear weekly price movement in any direction.
Resistance is the highest price within the period:
Support is the lowest price within the period:
Market sentiment is neutral.
Bitcoin price is anemic after the December 17 2017 crash. Bitcoin is down -6.29% in 24 hours, down -19.43% on the week and down -16.51% on the month on a last price of $13,281. The Bitcoin marketcap is $223,160,643,000 with a circulating supply of 16,803,000 $BTC. $BTC/USDT saw weekly resistance at $16,498 USDT and weekly support at $12,504 USDT . Market sentiment is neutral. The weekly trend is sideways in daily light to moderate volume trading.
Short term: Sideways.
Analytic Strategy: Objective Analysis
Objective analysis begins free of subjectivity. Interpretation of technical analysis geometric patterns, for example perceived shapes on a trading chart, is inherently subjective. This report is free of technical subjectivity to the maximum extent reasonably possible.
Past history is NOT an indicator of future results. Read the legal disclaimer:
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