Digital Currency Markets Are Free Fallin' – And The Song Isn't Sweet

Bitcoin plunged below $7,000 today, an ominous sign in an extremely bearish cryptocurrency market. At mid-morning, bitcoin sat at $6,700 per single coin, down nearly 10 percent from yesterday.

The rest of the market was in free-fall as well. Ethereum is now below $400, while Litecoin is clinging to double digit gains. Bitcoin Cash is also down to the $600 range, a 10 percent drop from yesterday.

Concerns over regulation, security, scability, interoperability and advertising are driving the recent plunge. The cryptocurrency market could use some good news for a major rally.

Bitcoin market highlights for the 24 hours ending March 30, 2018 at 1:00 pm U.S. Eastern Time

The highest price seen was $7,514.69 on the OKEx exchange at 6:30 pm yesterday. OKEx saw $478,199,000 of bitcoin change hands.

The lowest price seen was $6,605.10 on Bitfinex’s exchange at 12:54 pm today. Bitfinex’s 24 hour volume was $812,030,000.

The average price on the surveyed exchanges, as weighed by volume, was $7,010.55.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 52.1. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 8 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period. 

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