• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Advertisement

Bitcoinist Weekly News Re-Hash: Bitcoin XT Drama Continues, Global Economic Slowdown Looms

Evan Faggart by Evan Faggart
8 years ago
in Bitcoin, Bitcoin Investment, Bitcoin Politics, Bitcoin Technology, Companies, Markets and Prices, News, News teaser, Technology, Trending
0
Advertisement

This week saw a continuation of the downtrend established last week, falling even further into the $230s — and even briefly into the $220s. Although there has not been a single concrete factor to definitively set the selling in motion, continued Bitcoin XT drama and hints at a global economic slowdown have undoubtedly contributed to speculative fears.

Also read: Uber Driver Offers Free Ride to BitNation Advocate

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

 

Daily Bitcoin Price Action

  • Aug 17:$257
  • Aug 18:$256.28
  • Aug 19:$232.08
  • Aug 20:$233
  • Aug 21:$234.87
  • Aug 22:$234.16
  • Aug 23 Open:$232.80
  • Aug 23 Close:$228.40

Total Change: -11.13%

wikileaks-logo-2Monday, August 17, 2015 marked a quiet start to the week, with the Bitcoin price sitting at $257. The price stayed fairly flat, although there was a slight downward pressure in the market throughout the day. The news for the 17th was rather quiet as well. The most notable report game from Wikileaks, which announced that it would crowdfund 100,000 euros to give as a reward to someone that leaked legitimate information regarding the TTIP — a secretive, multi-national trade agreement. Monday closed with the Bitcoin price at $256.28, just a few cents down from the day’s opening price.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

August 18 opened at $256.28. The Bitcoin price remained in the $256 range until 7 PM, when a flash crash occurred, making the price plummet to a low of $221.11 on Bitstamp. On Bitfinex, the price hit an even lower trough of $163. The cause of the crash is not totally clear, although its behavior resembled that of a cascade effect caused by margin calling — a phenomenon the Bitcoin market is all too familiar with.

However, in a typical margin call-induced flash crash, the Bitcoin price quickly returns to its pre-crash levels — usually within the next few hours. Such a recovery was not the case in Tuesday’s crash. The Bitcoin price remained depressed, unable to climb out of the $230s. This post-crash resistance set the stage for continued declines, which persisted for the rest of the week.

Wednesday kicked off at $232.08, a harsh 9.44% drop from the start of August 18. The price stayed in the low-to-mid $230s until 4 PM, when another sharp decline occurred. Just during the 4 PM hour, the Bitcoin price fell from $233.20 at the top of the hour to $226.82 at the close, with an hourly low of approximately $224.27. The decline continued into 5 PM, which saw an hourly low of $222.01. The market bounced back to the $230s during the night, though, and August 19 ended at $233.

BitPay_logoAugust 20 opened at $233, facing a day of heavy fluctuation. During the early morning hours, the Bitcoin price fell to $230. Then, at 6 AM, the price shot up to $235, seeing an hourly high of $236.66. The price proceeded to fall for the next three hours, dropping to $232.37 by the close of the 11 AM hour. Starting at midday, the Bitcoin price rose once more, reaching another peak of $236 at 5 PM. The market smoothed out during the evening, and the day ended at $234.87, slightly up from the beginning of the day.

The 21st kicked off with the Bitcoin price at $234.87. The price stayed in the mid $230s during the initial morning hours, but began to gradually fall at 5 AM. By 9 AM, the markets had leveled out, and the Bitcoin price spent the rest of the day hovering in the low $230s.

Meanwhile, in the news on the 21st, BitPay came out in favor of merging BIP 101 into Bitcoin Core, meaning that the popular Bitcoin payment processor officially supports increasing the block size limit. This news came as the latest development in the ongoing block size saga, which has seemingly divided the Bitcoin community over the last few weeks.

1991 - Use for Dow Jones Industrial AverageAdditionally, in the mainstream market, the Dow Jones Industrial Average fell by 500 points on Friday. This 3% drop was the largest correction the Dow has seen since 2011, and reflected growing uncertainty regarding the strength of the global economy. With China’s economy slipping towards recession, and falling oil prices harming oil-centric economies, the outlook for future economic growth looks bleak.

Saturday, August 22 opened at $234.16, barely changed from the start of the previous day. The 22nd saw significant declines for the first half of the day, with the Bitcoin price falling to a daily low of $223.01 at 2 PM. At 3 PM, the price began ascending, reaching $230 by 5 PM. The market leveled out during the evening, with the price hovering in the low $230s for the rest of the day.

August 23 began with the Bitcoin price at $232.80. The price fell gradually throughout the day, dropping down into the $220s. At 7 PM, Bitcoin saw a daily low of $225.17; the price then rose slightly, closing out the week at 228.40, making for a total weekly decline of 11.13%

Thus, the downtrend continues as Bitcoin XT drama drags on. On August 22, miners began mining Bitcoin XT blocks, complete with their 8 MB block size limit. Also on the 22nd, Peter Todd called out Mike Hearn, accusing him of being unable to confirm that him and Gavin Andresen conducted network tests for Bitcoin XT before launching the modified protocol.

The Bitcoin XT drama, combined with speculative uncertainty regarding the global economy in general, we can expect the Bitcoin price to continue falling. Or, at the very least, a holding pattern may emerge, in which the Bitcoin price becomes locked in the $220s-$230s for the foreseeable future.

What do you think will happen to the Bitcoin price in the coming week? Let us know in the comments below!


 

Stock exchange image courtesy of The Walt Disney Company

The opinions expressed in this article do not necessarily reflect those of Bitcoinist.net.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Evan Faggart

Evan Faggart

Evan is the Senior Editor of Bitcoinist.net. He has a bachelor's degree in History with minors in Economics and Political Science. When he's not acting like he knows what he's doing in the newsroom, Evan is most likely playing video games. Follow Evan on Twitter @EvanFaggart.

Related Posts

Bitcoin

Bitcoin Mining Hashrate Registers Third Largest 3-Month Spike In Last 5 Years

17 hours ago
Micheal Saylor Microstrategy accumulates Bitcoin (BTC)

Microstrategy Repays Silvergate Loan As It Expands Bitcoin Holdings

19 hours ago
Bitcoin United States Government

US Government Holds More Bitcoin Than MicroStrategy, Tesla Combined

1 day ago
Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

1 day ago
Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

3 days ago
bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    6 days ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    6 days ago
  • Cryptocurrency to invest in March 2023

    6 days ago
  • Crypto Predictions for Crypto Market Investors

    6 days ago
  • 4 New cryptocurrency to Invest: March 2023

    6 days ago
  • Best Crypto to Buy now: 5 Coins Worth Investing in 2023

    6 days ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • $14 Million Plus and Counting. Metacade’s Crypto...

    2 hours ago
  • Cardano (ADA) and Polygon (MATIC) Price Forecast 2023...

    2 hours ago
  • TMS Network (TMSN) Presale Strikes Gold As Solid Altcoins...

    3 hours ago
  • Top 3 Tokens To Diversify Your Portfolio: With Maker (MKR)...

    3 hours ago
  • Could TMS Network (TMSN) Help Investors Leverage the Market...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.