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Bitcoin is trading down by 1 percent today. On OKCoin we opened at $323.09 and after an initial dip to $315.04 prices stabilized around the $320 figure again. We are currently quoted at $319.76 on this exchange, down by $3.3 dollars in today’s trading session.
On rival exchange BTC-E we closed lower by $1.74 dollars today, from $320.04 to $318.30 dollars. One coin is selling for $317.94 at the moment, about $2 dollars below the USD market. This is within the normal $2-$3 dollars discount seen before the latest October/November rally.
Futures on OKCoin are trading mixed, thereby confirming the current neutral mode. The two closer to expiration contracts are quoted at $320.56 and $320.68 dollars, about 50 cents below the Bitcoin futures Index. Meanwhile the far-out December 25th issue is trading at $325.12, a $4 dollars premium.
With the Bitcoin Black Friday event coming back into focus, many are speculating about its effect on the price. The theory goes that on this day users take advantage of special discount deals and spend their BTC, which is turn is immediately converted to USD by merchants. The corresponding selling pressure would cause the price to drop. But has this been the case historically? Let’s take a look at what happened last year.
Back in 2014 Bitcoin Black Friday was on November 28th. On BTC-E we opened that day at $365.58, dipped sharply to $354 but ultimately closed higher by almost $12 dollars at $377.30.
In the next few days stats emerged that seemed to show disappointing Black Friday sales. This was somewhat confirmed on December 10th by a cagey press release by payment processor BitPay. The longer-term impact of the whole event was negligible, BTC/USD stayed range-bound around $370 dollars for nine days after the event. The year prior also saw no heavy bitcoin selling. To be fair, that year’s event happened near the top of a massive bull-run from $200 to over $1000 dollars per coin.
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