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

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.

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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%

Monday, 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.

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

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