Bitcoin Breaks Out, Closes +$11 Dollars – ForexNews.com

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Bitcoin broke out of the congestion area noted in our yesterday article. The break happened around $274 dollars on BTC-E and $277 dollars on OKCoin. The move up continued right until the end of the session. On BTC-E a high of $288.67 was reached, with an eventual close at $284.14. On OKCoin we saw a move to $289.12 with a close at $287.96. The closing time used is 23:00 CET (17:00 EST). The chart below clearly shows today’s breakout higher on BTC-E.

july24

We are currently quoted at $283.13 on this exchange, compared to $288.32 dollars on OKCoin. Furthermore, futures contracts on OKCoin are trading even higher. The nearer July 31st contract is trading at $290.03, while the far out September 25th contract is quoting $302.80 right now. This particular contract hit a high of $303.20 earlier in the session.

Note that whenever trading futures on OKCoin you have the risk of a clawback. A clawback is a system by which OKCoin takes money from the winning traders during the past week (Friday to Friday), to compensate for the losses of the losing traders. This system doesn’t ”kick in” until the Insurance Fund is depleted. The Fund’s assets currently stand at 638 BTC (around $183,000). This may seem like a lot but just last week on settlement Friday we saw the Fund depleted by 636 BTC.

clawback

That was the week that saw the September 25th contract surge to $356 dollars per coin, before closing at $305.46. This induced a margin call on short traders. Along the same time, the site was hit with a DDOS attack, which

Originally appeared at: http://www.forexnews.com/blog/2015/07/25/bitcoin-breaks-out-closes-11-dollars/