As I mentioned in our “Bitcoin Flash Crash” article yesterday, the end was not in sight just yet, and it turned out the Bitcoin price kept going up and down throughout the day on all major fiat currency exchanges. This morning however, it might seem like things have stabilized, but I wouldn’t get your hopes up just yet.
All Fiat Currency Markets In The Green
Yesterday was a slaughterhouse for all Bitcoin/fiat currency trading markets on each and every exchange. In fact, the 24-hour differences were as high as minus 10% for the first time, and prices plummeted to the US$166 mark for the first time since early 2013. Many Bitcoin enthusiasts had to rethink their position in the cryptocurrency world, creating even more panic selling across the world.
Especially the Chinese exchanges in the form of Huobi and OKCoin were seeing a day of heavy trading on both the buy and sell sides. As China remains the biggest country as far as Bitcoin trading volume goes, these kind of numbers were to be expected. Luckily for us “bagholders”, it seems like all markets are slowly recovering from that massive price drop.
All of the fiat currency markets are in the green again, and most of them are creeping up on a plus 15% price increase compared to a few hours ago. Granted, 15% is a big increase, but compared to where the Bitcoin value was just a few days ago, there is still quite a ways to go. And who is to say this is not just another coordinated pump and dump like we have seen yesterday?
Another Coordinated Manipulation Scheme or Actual Market Recovery?
Given the current price increase across all major fiat currency markets, it appears as if the markets are slowly recovering all around the world. Then again, We have seen a similar price increase yesterday after the first “Bitcoin Flash Crash” took place, which was then followed by another price drop down to the US$177 range. The same process repeated itself when prices increased to US$215 again in the evening (European time) and plummeted all the way back down to US$173 shortly after.
However, ever since that final price decrease,all markets are trending upwards again, and we are getting very close to the U$215 mark once again. Whether or not this will be followed by another big “dump” remains to be seen, but analysts speculate this trend of market manipulation is far from over, and will continue over the next few days.
Either way you look at it, Bitcoin has regained its volatility again after a relatively “calm” year in 2014. According to many Bitcoin enthusiasts, it was only a matter of time until we saw another price decline, as there is no real incentive for people to spend their Bitcoin on anything other than fiat currency right now. Looks like the marketing team has their work cut out for them in 2015.
What are your thoughts on the current Bitcoin price situation? Let us know in a comment below1