Bitcoin's Price Is Behaving Sticky

[StockBet.com]

Interesting stats:

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

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.

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.

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[Sasuke102001]

Yea even I am surprised to see the prices aren't going any down that is actually better for us. Seems the prices won't fall down anymore.good to see that bitcoin prices are gaining momentum once again. But let us see when would the prices again reach 4700-4800 dollars like it was before the whole China scenario happened. 1 Btc is something 3900$ when I checked a while ago.Hope it skyrockets again.

[ramsesniblick3rd]

Interesting stats:

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

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.

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 great news. No more china manipulation, bright future for btc

[1enterthebtc]

China now officially now has very little influence on the price. ha ha. Just goes to show you can not stop a decentralized currency. you can barley slow it down.

[OmegaStarScream]

The exchanges are closing very soon so keeping them will only mean that you want them to take your bitcoins so It's very normal to see less volume. I could be wrong but just because the trading volume went down doesn't mean that it vanished. If bitcoin was profitable for them, they wouldn't just leave and If you see the charts here: https://coin.dance/volume/localbitcoins/CNY you will how P2P trading using Localbitcoins skyrocketed in China, and it will definitely continue to.

[affigne]

They're basically switching from one platform to another... That'll be their lifesaver 'till the government ban that webpage.

[StockBet.com]

BTC volume in euro is at 4.85%?

I guess most Europeans must be trading BTC in USD?

[affigne]

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...

[peter0425]

Well... I have to say that I'm kinda suprised. I thought that China will have larger impact on Bitcoin price. I'm interested what would happen if Bitcoin mining would be banned in China. What would happen to Bitmain (manufacturing ASICs) and huge mining farms? Would they move to Russia which is being more and more open to miners? Russian goverment claimed that they may ban cryptocurrencies, for me it was fake info which aim was to make bitcoin price lower.

They used to have control of the trading volumes before Japan come into the picture. And now it doesn't surprised me at all seeing the percentage dwindle to less than 5% because of their war against it. There are still speculation of whether the mining hardware or the mining business will be affected, eventhough Charlie Lee tweeted it is not, we really don't know. Maybe one they the government will change its mind and include mining gears and mining farm to the ban list. However, Japan will take over this business as well as GMO of Japan had already allocated millions to create their mining hardware as well. And as far as Russia is concern, you have take everything from them with a gran of salt.

[ahmad21]

Interesting stats:

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

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.

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 means that finally bitcoin is free from fluctuations made by any single economy. This is better for the future of this crypto. But I think as soon as china begins with any licensing the bitcoin is going to skyrocket once again.

[geyayy]

Now, I must say that bitcoin's price behavior is not actually based on China's crack down, yet it really is because of the panic sellers thinking that it will really fall down because of China's shutting down or banning bitcoin and ICOs. From that statistics, surely China is influential no more.

[babygun]

I also thought that, after the China news, bitcion would drop lower than 3000$ and maintain around that number.
At one moment prices were around the 3000$ but quickly recovered to 3500$ and now around 3900$.

I am curious to see if the effective shutdown of the chinese exchanges will have an impact on the bitcoin price.

[pixie85]

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

China was manipulating the price with their fake volume and huge number of trading bots. Now the price has become more stable since they are backing up from trading. I like it
The price hasn't dropped because people aren't dumping. They see future in Bitcoin and want to hold. The Chinese also didn't sell. If they all sold the price would be much lower.
If among all the fuss they see no reason to sell we shouldn't too.

[BitcoinPanther]

This means there is actually only a few Chinese people who are involved in Bitcoin.  They just manipulate the trading volume to make it look high.  Or probably some of these Chinese traders had moved to out of the country exchange to trade.  Besides moving out of the country's site is just a click away. 

[asriloni]

See now, china has lost control over bitcoin price, or it's just the Chinese bitcoin users moving out of their country and migrating their money to other countries.
it seems that the regulation of china government has no more affection to the crypto world. so if the popular exchanges there will be closing down, it's not a thing.

[rodskee]

Interesting stats:

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

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.

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.

thanks for this announcement but this wonderfull news i believe bitcoin are not straight falling down even china want to destroy bitcoin for ICO and exchange banned, this the reason bitcoin stay strong because have many country support the crypto currency hopefully i expect next week bitcoin are go rising again the price value.

[vit05]

How it is possible that China Bitcoin traders go down from 90% to 4.5% and prices continue stable. That doesn't make any sense. They are not trading, but someday they will need to trade. Maybe p2p between big whales is happening without changing the prices so everybody stays happy.

Someone will become really rich with all that mess. Buying Bitcoin bellow the market price and maybe some companies and equipment.

[Indrawan77]

Yeah after the announcement there are huge drops,I believe there were a lot of investor were dumping the coins and surprisingly the price drop down and bounce back pretty fast,luckily there were a lot of supports so the price can go up again, but the strory hasn't end, we will see waht is going yo happened in this end of September

[LeGaulois]

Traders are just watching the price without knowing what to with it. Most are balancing between to wait to see if the price will decrease again or to think "I should buy but but but....I don't know, why not wait..."
Everyone is watching other to see what they do, but nobody does something, so they keep watching each other...

[HeRetiK]

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