Bitcoin was packed with headlines this week, which is the first thing I look for when there is a price change. While this does not always work, it is a good rule of thumb that I go by. Bitcoin experienced the loss of two exchanges, CARVITEX and Netagio, as well as a follow up on Mt. Gox from WizSec.
For the majority of the week, Bitcoin enjoyed relative stability in the mid 240’s range, slowly crawling up, to where the price reached a stable peak of around $247. Late last night, however, price spiked, to around $255, and we are experiencing today the fallout.
On the Bitfinex exchange, the USD/BTC price is down 4% or around $10. The trend does not look like it will be stopping anytime soon, with the sell volume exceeding 10k of Bitcoin at one point.
The Chinese markets are also going off the charts, with BTC China, OKCoin, and Huobi alone having a combined Bitcoin 24-hour volume of over 260,000. While the price is still going downward rather sharply, it is picking up some resistance. The price has not broken $230 yet and has not fallen below $220 for a while as well.
Ripple, Litecoin, Dogecoin, and Darkcoin are all down as well. While Ripple has been following a downward pattern for most of this week, Litecoin, Dogecoin, and Darkcoin have been following similar price patterns to Bitcoin.
All three cryptocurrencies were slowly crawling up the whole week, and in close to the same timeframe, started falling off. Some harder than others. While Ripple is only down 1.38% this day, Darkcoin is down more than 8% and Litecoin is down almost 3% as well.
Of course you always have one or several coins that are against the crowd, and moving in the opposite direction. For this week, that “coin” would be Bitstake.
Up more than over 30% in the last 24 hours alone, Bitstake is a new cryptocurrency that mimics a cloud staking service. Bistake is deposited to an account which is held in a proof of stake module. Besides just staking, it can also act as a multipool allowing users to automatically convert stake they earn into any other coin the users wish.
Bistake also offers bank-level encryption, and also allows you to access your Bitstake via email as well through cross platform apps for your phone and tablet. Besides staking, users can also engage in trading and p2p lending as well.
Bitstake is still a new coin, and currently only the lending platform and wallet are working. Both trading and the multi-stake platform greet you with a “Coming Soon!” message. Nonetheless, many people are buying into Bitstake and have high expectations for this coin.
With Bitcoin looking to start the next week off with a downward trend, seeing below $230 certainly isn’t impossible. If all goes well with LTCGear, Litecoins price could also be affected for better or worse as server maintenance is supposed to end today or tomorrow.
Photo Sources: CMC, Tradeblock
What are your expectations for next week in Bitcoin? What do you think of Bitstake? Let us know in the comments below!