Bitcoin Price At $6,333 On Its Decade Anniversary: A True Testament To Its Bright Financial Future

2018-10-31 07:23

This coming Wednesday marks ten years since the Satoshi whitepaper on Bitcoin made headlines to the cryptocurrency world. However, the two-week lows facing Bitcoin seem to overshadow the event with BTC risking to record an annual loss on its birthday.

After fluctuating consolidation since October 17th, Bitcoin finally settled to trade between $6,650 and $6,400 mark. That was after a price record high of $6,476 just 24 hours earlier in the market. The BTC/USD pairs saw a further downside move with the price sharply declining to break between the $6,400 and $6,350 levels.

The Dip

It's hardly a year since Bitcoin reached an all-time high of $20,000 on December 2017, and the recent statistics showing the true nature of volatility. On Monday, Bitcoin hit rock-bottom with the price floating around $6,200, its lowest in weeks. Another decline was evident in the trading volume of the past 72 hours, with the volume index flirting at $3.5 billion. Still, the crypto market is facing somewhat diminished trading evident of the significant price fall of over 65% in a year.

Bitcoin Futures Uncertainty

The announcement of Bitcoin futures by the Chicago Mercantile Exchange (CME) was a contributor to the price surge we witnessed during December 2017. However, since the launch of Bitcoin futures by CME and the Chicago Board Options Exchange (Cboe), there has been little enthusiasm over the virtual assets. CryptoGlobe reports of both CME and Cboe averaging 9,000 contracts during the Q3 of 2018. That represents over ten months since the launch and is in tandem with the Bitcoin price drop since then. The behavior is in sharp contrast to what the market witnessed after impending futures announcement sparked losses in the run-up to the settlement period. Overall, it does indicate that the futures market is tiny despite the hope that it was a step toward crypto merging with Wall Street.

The Red Market Flush

On Friday, CoinTelegraph made a note of Bitcoin's volatility hitting an 18-month low despite mixed forecasts indicating a bearish market in the short term. However, the recent trading session did see Bitcoin lose 2% to close at $6,345 with the trading volume settling at $4 billion.

And in tandem was the whole crypto market in the red, with several cryptos down between 2% to 6%. For example, Ethereum's Ether recorded a high of $205 before falling to trade at $196. Ripple's XRP was also another casualty by losing about 3.6% to trade at $0.4424. The dip did not spare EOS either as the cryptocurrency was down by over 4% within 24 hours to sell at $5.15 at press time.

Potential Outlook

As Bitcoin marks its 10th birthday, a majority of the crypto market suffers losses with prices taking severe hits in value drops. The pumps and dumps do portray volatility entering into the market, and there is little to say if it's only a short-term drop. Still, market predictions forecast a high closing of 2018, and it is yet to be seen if it becomes true.

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