[2018-01-05] Bitcoin Price Surges 10% to $16,300 After Week-Long Slump

[moriskarlov]

The bitcoin price has started to demonstrate early signs of recovery and an upward trend after experiencing a week-long slump.

10 Percent Surge

Over the past 24 hours, the price of bitcoin has surged by more than 10 percent, increasing from $14,500 to $17,000 at its peak. Since then, in the past three hours, the price of bitcoin has stabilized in the $16,300 region.

Currently, most of the largest trading pairs of bitcoin are alternative cryptocurrency-to-BTC pairs, including Tron (TRX), Ether, and Ripple. According to CoinMarketCap, Tron remains as the largest trading pair in the bitcoin market ahead of the USD-to-BTC pair, settling more than $2.8 billion on Binance, the world’s largest cryptocurrency exchange.

Given that the price of bitcoin has been increasing over the past 24 hours while the valuation of other cryptocurrencies in the market slightly corrected, it can be stated that volumes are moving from alternative cryptocurrencies to bitcoin, which has become a reserve asset in the cryptocurrency market.

The bitcoin market has also seen many XRP-to-BTC trades amidst a sell-off, as investors that purchased XRPs based on unverified rumors that Coinbase was planning to integrate XRP left the market. The Ripple market cap has fallen by around $20 billion since Coinbase refuted the rumor.

Brian Armstrong, the CEO of Coinbase, wrote, “We haven’t made any decisions to add new assets to Coinbase or GDAX at this time. Any statement to the contrary is untrue.” The Coinbase team added:

“A committee of internal experts is responsible for determining whether and when new assets will be added to the platform in accordance with our framework. These individuals — and all employees at Coinbase — are subject to confidentiality and trading restrictions.”

The valuations of cryptocurrencies that were involved in the spew of rumors spread across online bitcoin forums like Reddit fell as a result, while the price of bitcoin has continued to increase.

Japan and South Korea Leading Price

In the South Korean cryptocurrency exchange market, bitcoin is being traded at over $21,000, with a staggering $5,000 premium over the global average market. Although Ripple and Ethereum accounted for larger daily trading volumes on both Bithumb and Korbit throughout the past month, the trading volume of bitcoin in the South Korean cryptocurrency exchange has increased, surpassing that of Ether and Bitcoin Cash.

More to that, in Japan, formerly China’s largest cryptocurrency exchange Huobi and local entertainment conglomerate GMM are expected to launch cryptocurrency trading platforms this month, in January.

With Huobi (formerly China’s largest exchange), GMO Group, BitFlyer, and GMM, the Japanese cryptocurrency landscape will drastically change and the mainstream adoption of bitcoin will further increase in the Japanese market.

Analysts expect the price of bitcoin to surge throughout January, especially if Nasdaq moves onto listing bitcoin futures within the first quarter of 2018 as planned. Both the Chicago Board Options Exchange (Cboe) and New York Stock Exchange (NYSE) have filed for six bitcoin exchange-traded funds, introducing a more efficient and regulated investment vehicles for accredited individual investors.

The support from major financial institutions remain exclusive to bitcoin, and none of the alternative cryptocurrencies in the market have seen commercial success through regulated futures and ETF listings.

https://www.ccn.com/bitcoin-price-surges-by-10-to-16300-after-week-long-slump/

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[iamTom123]

Will this latest surge be the sign that Bitcoin has already rested and is now raging in hormones again? I really hope so. It is time to show the critics and the pundits that Bitcoin is not what they are predicting to be. I have my full faith on Bitcoin that it will continue on growing especially for this year though it might not be as good as last year. We might see this 10% surge as an impetus for the market focus to get back to Bitcoin. Maybe those Ripple supporters who are so positive that their candidate will soon clobbered Bitcoin in the race to the top in the marketcap have to work hard double and even triple now that the Bitcoin is getting back to the game. Welcome back to Bitcoin!

[Kemarit]

Looks like we are hearing the herd from afar. The massive bullrun is on its way once again. I hope that everyone is ready and bought bitcoins when the price is around $12,000-$13,000. Japan and South Korea are again pumping bitcoin and as reported, they are above most of Western trading platform by a whopping $5000. Ripple is already sliding, so I think people are slowly dumping and moving to bitcoin once again. Need to really get out of Ripple now, it looks like its over, and I don't think that it can really sustain that huge run it had. Now it bitcoin's time to take the spotlight from altcoins. Oh and there's another trading platform being launch by the Japanese, so it looks like this positive news shifts the power from altcoin to bitcoin once more. Let's see how it goes though, really felt good seeing bitcoin almost touching $17,000. Maybe at the end of the day it will surpass it and moves closer to $20,000 once more.

[1Referee]

It's pretty shocking to see such a major difference in price between the USD and the KRW markets. Especially because of the fact that South Korea isn't a third world country where people are buying the market up at all cost due to the low supply of on-market coins. Sure, it's a clear demonstration of how free this market in reality is, but also shows its weakness. I can definitely understand a difference of max $1000 between different continental markets, but this $5000 gap is just insane. And before people start pointing at arbitrage opportunities, I wish you good luck with trying to take advantage of this difference.

[J. Cooper]

It's pretty shocking to see such a major difference in price between the USD and the KRW markets. Especially because of the fact that South Korea isn't a third world country where people are buying the market up at all cost due to the low supply of on-market coins. Sure, it's a clear demonstration of how free this market in reality is, but also shows its weakness. I can definitely understand a difference of max $1000 between different continental markets, but this $5000 gap is just insane. And before people start pointing at arbitrage opportunities, I wish you good luck with trying to take advantage of this difference.

This has been the case for the longest time and until recently I didn't really know what caused the huge price difference until recently. Apparently South-Koreans are really vocal about their investment habits and are very likely to share their investments with others and encourage them to invest as well. I'm sure people are making thousands of dollars on a daily basis arbitraging.