Bitcoin at $13,627
The most famous cryptocurrency, bitcoin (or BTC), started the new year by trending lower. Its price is down about 2% over the past 24 hours as of 3:30 AM EST. It was trading at $13,627. Over the past seven trading days, it has seen a decline of almost 10%. Its volatility for the day was at 114%, and its RSI level was at 44.9.
Bitcoin cash (or BCH) has also dropped a whopping 18.1% over the past seven trading days. Other cryptos that have fallen in the past week include litecoin (or LTC), dash, bitcoin gold, and several others.
Downfall in new year
In the last quarter of 2017, bitcoin surged from close to $4,300 to a mind-boggling $19,300 plus during the third week of December 2017. However, after that, prices have corrected almost 32% downward.
For the first time since 2015, bitcoin experienced a stressful start to the new year and fell. In the first trading day of 2017, bitcoin saw a rise of almost 3.6%. In 2017, we saw the introduction of bitcoin futures. The peak on December 18 was likely due to the optimization of futures contracts on bitcoin. The recent downfall could have also been due to the possible short positions in the derivatives contract.
The ARKW Fund (ARKW), which is often associated with the performance of cryptocurrencies, has also fallen over the past few days.
Blockchain is the trending word in businesses (SPX-INDEX) (SPX) across the globe. We saw Long Island Iced Tea change to Long Blockchain (LTEA) and increase a whopping 200%. Similarly, a UK-based communications company, On-Line, saw its share price rise from $19.60 to $110 as it introduced blockchain investing to its business.