Bitcoin Jumps Slightly, Remains Mostly Unchanged

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) has traded relatively flat and is mostly unchanged from its levels heading into the weekend. It is currently trading at around $955 on MtGox but had been stuck in the $930-940 range for the better part of the last 72 hours.

BTC briefly spiked yesterday by 3.5% to $969. Such a jump may soon be considered significant in light of recent prevalence of flat trading in the mid 900's. The brief jump resulted from a sudden rush of heavy volume of over 1000 BTC an hour, more than 13 times the going average of about 75 BTC per hour. Current volumes are the lowest since the comparable period of stability 2 weeks ago.

Following the brief jump, BTC drifted back to normal trading range as lower volume activity resumed.

On Bitstamp and BTC-e, Bitcoin is trading in at $825 and $810 respectively. This represents a $125-140 spread vs MtGox, a further sign of normalization toward previous spreads following last week's jump.

Bitcoin markets are virtually unmoved by BTC China's resumption of accepting Yuan deposits, which initially set off a massive multi-fold spike in volume. Yet, prices did not appreciate in tandem, remaining in the 4850 CNY ($800) neighborhood for much of the past 48 hours, although they have recently crawled back up to 5000 CNY ($825).

As to the crash which was supposed to happen on Friday: some will argue that BTC China's decision was of impeccable timing. It is more likely that trading activity would have remained flat, as it had for weeks even in anticipation for the January 31 changes.

As to China Credit Trust Co's threatening to default, and the potential ripple effects throughout the financial system, Bloomberg reports that investors were offered the principal of their investments in exchange for transferring their portfolios to unidentified buyers. It remains to be seen if they accept the offer.

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, ['Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term: BTC/USD' ,'mtgox_btc_usd']

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