Did the Bitcoin Price Just Spike 12% in 15 Minutes then drop right back?

August 4, 2018

 

Bitcoin’s price may have experienced multiple spikes Friday, according to CoinMarketCap, after the owner of the New York Stock Exchange announced plans to launch a digital currency platform and a bitcoin futures market. CoinMarketCap data showed a 12% spike in bitcoin’s price in the span of just 15 minutes. Based on the numbers, the coin reached a high o$ $8,406.40. Over the next 20 minutes, bitcoin’s price would reverse all the way back to the $7,500 range. Interestingly, Bitfinex and other cryptoucrrency exchanges are not reporting on the increase.However, in addition to CoinMarketCap, the author can confirm that CoinSquare, a Canadian exchange, also charted bitcoin’s volatile spike on Friday. At press time, the sudden swings appears to have been smoothed out.In terms of trading volumes, CoinMarketCap reported a total market turnover of $43.4 billion at the peak of bitcoin’s sudden rally. Now, volumes are back down to the $8 billion range.Bitcoin’s dominance index has risen to 49.1%, the highest since December.

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