Bitcoin

Bitcoin Market Report: $XBT Drops on South Korean Regulatory Jitters

Brief:


Bitcoin nosed downwards substantially in reaction to regulatory noises from the South Korean government. Bitcoin is down -2.41% in 24 hours, up 0.07% on the week and up 24.49% on the month on a last price of $7725.50. The Bitcoin marketcap is $132,740,313,550 with a circulating supply of 17,182,100 $XBT. $XBT/USD is trading between a 24hr high of $8219.50 and a 24hr low of $7639.00 on a 24hr BitMEX volume of $7,241,692,885. This trading volume is heavy. The weekly price trend is mixed.

Rank #1

Bitcoin is ranked #1 today by cryptocurrency market capitalization.

Last price

7725.50 $XBT/USD

$USD

last price $ 7725.50
one week ago $ 7720.00

Price change

Price change is the $XBT percentage change within the period:

period change
day -2.41%
week 0.07%
month 24.49%

Volume

Volume

$XBT 24 hour volume
USD $7,241,692,885
all $XBT currencies $5,525,910,480
The 24 hour volume for the BitMEX exchange exceeds the 24 volume total for the entire industry in the same period. This is not an error. This reflects the reporting methodology used by the datasource, CoinMarketCap.com.

The 24 hour volume for $XBT/USD on BitMEX is $7,241,692,885. This volume weight is heavy when compared with BitMEX daily trading levels for $XBT over the last month.

The total 24 hour volume for all reporting $XBT markets is $5,525,910,480.

Market Share

The BitMEX currency pair $XBT/USD is 48.38% of all $XBT traded in twenty-four hours. FCoin, BitForex and Binance hold down volume positions two, three and four today.

Top $XBT Pairs
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Remarks

Bitcoin nosed downwards substantially in reaction to regulatory noises from the South Korean government. Bitcoin is down -2.41% in 24 hours, up 0.07% on the week and up 24.49% on the month on a last price of $7725.50. The Bitcoin marketcap is $132,740,313,550 with a circulating supply of 17,182,100 $XBT. $XBT/USD is trading between a 24hr high of $8219.50 and a 24hr low of $7639.00 on a 24hr BitMEX volume of $7,241,692,885. This trading volume is heavy. The weekly price trend is mixed.

On July 31 2018 at 11:16am Forbes ran the headline “The Bitcoin Price Is Tanking — Here’s Why” and reported “South Korea, which has emerged as one of the most important markets for bitcoin and cryptocurrency in recent months due to its large volumes of trading, is mulling whether to pass a law that would end tax benefits for cryptocurrency exchanges.”

The cryptocurrency crowd, who shouldn’t even listen to such regulatory noises from adversarial and outdated fiat systems – in this instance run by corrupt South Korean politicians – instead sold in droves driving the price of bitcoin down. The effect dominoed across most major exchanges resulting in the large -2.41% drop in 24 hours.

Most of the damage was done at 5am according to BitMEX’s UTC-7 clock, although the first big red candle dip – on the hourly chart – was seen at 1a.m. UTC-7.

The T&C20 altcoin index was down 4.75% in twenty-four hours. The alts are reacting downwards in excess of the actual daily bitcoin percentage loss:

T&C20

One Year $XBT Chart

$XBT One Day Candles

Browse Bitcoin Collection

Learn about the unique characteristics of $XBT. Browse our collection of Bitcoin Market Reports.

24 Hours of Bitcoin
http://kittybitcoin.com/bitcoin/24_hours_of_bitcoin.php
24 Hours of #Bitcoin
-3.21% price $7,777.42
vol $5,225,245,594
mktcap $133,633,105,627
17.18M #XBT 20:29

XBTLivePriceTM

Yesterday

Altcoin Market Reports
We publish topical Market Reports on many altcoins. Browse our extensive collection of Altcoin Market Reports.

Highlight Chart

Tap / click to enlarge:

Bitcoin nosed downwards substantially in reaction to regulatory noises from the South Korean government. Bitcoin is down -2.41% in 24 hours, up 0.07% on the week and up 24.49% on the month on a last price of $7725.50.
Bitcoin nosed downwards substantially in reaction to regulatory noises from the South Korean government. Bitcoin is down -2.41% in 24 hours, up 0.07% on the week and up 24.49% on the month on a last price of $7725.50.

Data sources

Main Data Source

BitMEX is the main data source for this report. The One Day Candles chart, highlight chart, and digital asset numeric trading data are from BitMEX.

Secondary

CoinMarketCap is the secondary data source for this report. The One Year Chart, cryptocurrency rank, token circulating supply, and daily market share are sourced from CoinMarketCap.com.

Tertiary

XBTLivePriceTM and 24 Hours of Bitcoin are fine data products from KittyBitcoin.com

Other sources are credited where used.

Market capitalization

Market capitalization is the total $US dollar value of the Bitcoin market calculated using the formula:

market cap = ( circulating supply x last price )
Market cap $ 132,740,313,550
Circulating supply 17,182,100
Last price $ 7725.50

Daily High Low

daily high 8219.50 USD
daily low 7639.00 USD

Trend

The weekly trend is mixed.

trend is MIXED

Trend is "mixed" when the week contains both green and red daily price candles, price movement up or down is significant, and there is no clear weekly price direction.

Resistance

Resistance is the highest price within the period:

period resistance
day 8219.50 USD
week 8487.00 USD

Support

Support is the lowest price within the period:

period support
day 7639.00 USD
week 7639.00 USD

Market sentiment

$XBT market sentiment is bearish.

sentiment bearish

Image courtesy Pixabay.com

Summary

Bitcoin nosed downwards substantially in reaction to regulatory noises from the South Korean government. Bitcoin is down -2.41% in 24 hours, up 0.07% on the week and up 24.49% on the month on a last price of $7725.50. The Bitcoin marketcap is $132,740,313,550 with a circulating supply of 17,182,100 $XBT. $XBT/USD saw weekly resistance at $8487.00 USD and weekly support at $7639.00 USD. Market sentiment is bearish. The weekly price trend is mixed in daily heavy volume trading.

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Disclaimer

Past history is NOT an indicator of future results. Read the legal disclaimer:

http://kittybitcoin.com/docs/disclaimer.php

Printed

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