Bitcoin's Price Is Behaving Sticky | Bitcointalksearch.org

Skieleton

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Quote from: StockBet.com on September 26, 2017, 01:20:59 PM

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Quote

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

Quote

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more.

This whole situation is disturbing. I'm afraid of locking ISO. There will be less altcoins. You will get paid to earn BTC. Everything will be known after September 30.

Hoganye

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Quote from: maydna on September 27, 2017, 09:43:38 AM

Quote from: Odora on September 27, 2017, 05:08:35 AM

I think there is a political scenario when china say banned ICO, then the price dropped drastically, but then japan and the price holders Bitcoin mengamakan its until now the price is slightly strengthened ..

i am thinking the same like you because we know that ICO giving much revenue for the dev but the government can not involve with the project so they prevent this by banned every ico in china. and we can see that after china gone, korea and japan will be the next big market in asia because they open their mind about bitcoin and now they are ready to be the leader in asia.

And final, not is Korea or Japan, that is HongKong haha. Almost exchange banned by the Chinese government has been transfered to new server and complete procedure change to HongKong. I am sure China has gives up its chance to HongKong Tongue

FrueGreads

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Quote from: StockBet.com on September 26, 2017, 01:20:59 PM

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Quote

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

Quote

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more.

I think these are great news for the community. I still think the trading value should be more dispersed, so that way it will be harder for a single country to disrupt it's price like it happened with the China ban on ICOs and the suspension of exchanges. It's still a bit condensed on the Japan side, but at least they already have regulation, so they are not in the "grey area", which should be able to attract more investors.

affigne

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Quote from: cl37007 on September 27, 2017, 04:23:59 AM

Quote from: HeRetiK on September 26, 2017, 06:38:24 PM

Quote from: affigne on September 26, 2017, 02:18:29 PM

Quote from: StockBet.com on September 26, 2017, 02:14:28 PM

BTC volume in euro is at 4.85%?

I guess most Europeans must be trading BTC in USD?

Wonder if there's any advantage in doing so...

None that I know of.

I guess it's mostly a mix of a) BTC/USD being the most widely available crypto/fiat trading pair and b) people whose native currencies isn't traded as much falling back to USD rather than to EUR.

Or maybe Americans are more likely to day-trade

I'd agree. Trading in USD is much more widespread across exchanges than EUR so potentially easier to use USD. Then when you take into account countries that use neither currency natively, USD just seems more logical.

Guess that makes sense...

hasmukh_rawal

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Yeah even i was surprise to see that Big nation like china has no Manipulation control on Bitcoin for now after the Ban. It is a great sign for us and i think everyone who is trading should make a note of it for future purposes Because china's ban didn't create any impact on bitcoin prices. You should be alert and you should be prepared for situations like this, so that you can make a huge benefit from this situations. But i hope china will plan to use bitcoin after strong rules and regulations are formed. But in anyways if they started bitcoin again then it can really boost the bitcoin price with new record highs soon. Now you just need to focus on bitcoin and try to invest some part of your capital as there is high volume of trading expected from all the countries.

2double0

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Price won't drop because of the fact that International investors didn't give a damn to China's decision over withdrawing their participation from everything related to Bitcoins. It is stuck at a level which used to be a mid-level or Resistance 1 but has now changed to Pivot point itself. 4000 has now been the main point which needs not to be broken down as the gradual price hike will help it to relieve itself from all the previous dumps and the cycle of pumps and dumps may end (in my serious belief) once it reaches a value from which selling it would become hard.

maydna

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Quote from: Odora on September 27, 2017, 05:08:35 AM

I think there is a political scenario when china say banned ICO, then the price dropped drastically, but then japan and the price holders Bitcoin mengamakan its until now the price is slightly strengthened ..

i am thinking the same like you because we know that ICO giving much revenue for the dev but the government can not involve with the project so they prevent this by banned every ico in china. and we can see that after china gone, korea and japan will be the next big market in asia because they open their mind about bitcoin and now they are ready to be the leader in asia.

Odora

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I think there is a political scenario when china say banned ICO, then the price dropped drastically, but then japan and the price holders Bitcoin mengamakan its until now the price is slightly strengthened ..

BTCLovingDude

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BTC to the moon is inevitable...

Quote from: Lpim01 on September 27, 2017, 02:56:11 AM

Quote from: nicster551 on September 27, 2017, 02:40:25 AM

Quote from: Yuuto on September 27, 2017, 12:41:40 AM

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

Hopefully this indications would last longer and more big countries will support crypto currencies as another medium of payment. Bitcoin soars worldwide and it could stand still in hard attacks from it's foundation. Bitcoin community have proven to be stronger, from a deep down and now it rise again and face another challenge.

big countries supporting bitcoin is good. we have already seen the nice effects that can have on the price with Japan adopting bitcoin on a massive scale. but it is not all and it certainly is not the reason for the price rise.

it helps but in the end it will be the people who are adopting bitcoin and keep it decentralized no matter what their country says. if the government approves of bitcoin things will go easier and faster if not it will happen but slower and a little harder.

cl37007

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Quote from: HeRetiK on September 26, 2017, 06:38:24 PM

Quote from: affigne on September 26, 2017, 02:18:29 PM

Quote from: StockBet.com on September 26, 2017, 02:14:28 PM

BTC volume in euro is at 4.85%?

I guess most Europeans must be trading BTC in USD?

Wonder if there's any advantage in doing so...

None that I know of.

I guess it's mostly a mix of a) BTC/USD being the most widely available crypto/fiat trading pair and b) people whose native currencies isn't traded as much falling back to USD rather than to EUR.

Or maybe Americans are more likely to day-trade

I'd agree. Trading in USD is much more widespread across exchanges than EUR so potentially easier to use USD. Then when you take into account countries that use neither currency natively, USD just seems more logical.

no0dlepunk

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I assume that the Chinese are on a solid HODL at the moment (probably because there is no easy way to cash in/out). Grin

For a man who has been earning a lot from bitcoin, it is definitely hard to just let go, move on, and go back to fiat... I assume that most of the Chinese are looking for an alternate way in cashing out. VPNs + BTC-Yen-Yuan would do the trick if you know what I mean.

Lpim01

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Quote from: nicster551 on September 27, 2017, 02:40:25 AM

Quote from: Yuuto on September 27, 2017, 12:41:40 AM

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

Hopefully this indications would last longer and more big countries will support crypto currencies as another medium of payment. Bitcoin soars worldwide and it could stand still in hard attacks from it's foundation. Bitcoin community have proven to be stronger, from a deep down and now it rise again and face another challenge.

nicster551

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Quote from: Yuuto on September 27, 2017, 12:41:40 AM

Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Yes bitcoin deserves the price now as we know that there are many investors now that are continue to come in the market that helps bitcoin become strong and supported by many people even there is a bad news occur their are not much affected because of this supporters and strong holders.

arpon11

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Quote from: StockBet.com on September 26, 2017, 01:20:59 PM

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Quote

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

Quote

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more.

This is to tell us that the down ward trend is over and what ever come from China any moment from now will not affect price much. If Btc trading in China dropped significantly like this and bitcoin is still try to break $4000 then bitcoin has become a global currency!

Pursuer

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Where is my ring of blades...

numbers can be very deceiving when you just look at them and nothing else.
in this case when you take the numbers from coinmarketcap.com they are mostly deceiving because first of all they report a lot of volume in place of only bitcoin/fiat volume. and that makes it bigger including even some altcoins volume.
secondly it is the fact that volume can simply be manipulated. the site can tell you they have 10 million dollar daily volume instead of 1 and nobody would be the wiser.
finally you should always see why the volume is higher. usually the reason is pretty simple: 0 trading fee

DoublerHunter

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If you will see that the price of bitcoin is behaving then there is two possible thing to happen, it is either going up or going down and it will be a crazy scenario for bitcoin because based on my past observations in bitcoin. When the price of bitcoin is behaving then after a few months, i saw that the price just go up crazy and sometimes it shows a huge dip in the market.

Yuuto

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Bitcoin trading volume overall hasn't gone down much at all. It's just that China is no longer a big market, but at the same time Korea and Japan has turned into sizeable bitcoin economies, and thereby offsetting the difference.

The price is not behaving sticky imo.

It deserves to be where it is right now. It's not like it is a super high price still, it's around $1000 less than the ATH.

Ucy

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Quote from: Sasuke102001 on September 26, 2017, 01:24:32 PM

"BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more."

Many Chinese Bitcoin users may have looked elsewhere...that is why Bitcoin is Decentralized.
Government ban will have little effect considering that most early adopters are tech savvy. When the dust settles, even if the ban remains, price will likely move back to normal.

pooya87

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Quote from: StockBet.com on September 26, 2017, 01:20:59 PM

BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more.

you did not read the sentence properly!

Quote

China's share, which was hovering around 90% levels a year ago

"was" is past tense and in addition you can see the "a year ago in the end" and also you and the article have forgotten that Chinese exchanges used to have 0% trading fee, margin trading and also lots of fake volume report. all of which was eliminated last year and they came down to normal logical levels.

happyme1818

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Quote from: StockBet.com on September 26, 2017, 01:20:59 PM

Interesting stats:

http://www.investopedia.com/news/bitcoins-price-behaving-sticky/

Quote

Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.

In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.

Quote

The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.

BTC volume in China went from 90% to 4.5%. I'm surprised that BTC price hasn't dropped more.

One of the reason I why it didn't fall hard is because bitcoin community learned already from their mistakes on the past. Another thing is there is always somebody who will catch your dump because it has more demand than before.

Topic: Bitcoin's Price Is Behaving Sticky (Read 913 times)