Posts Tagged ‘BTC exchange rate

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The Bitcoin exchange rate has jumped significantly going all the way up to $500 USD on many EU and US-based exchanges and skyrocketing even higher on some Asian exchanges. The jump seems to be caused mostly the Chinese BTC markets driving the price up as as the national currency apparently suffers another devaluation and people are moving to investing their money in Bitcoins. The side effect from this jump in BTC exchange rate however is the drop in price for many altcoins that might suffer loosing some of their value, but it might be just temporary. This creates a good opportunity for profiting by doing some arbitrage trading between different exchanges and buying the right altcoins at the right price, it is risky, but might result in a good profit later on. Another thing that might be influencing the recent uptrend in the BTC price on exchanges is the upcoming block reward halving that should hit in about a month and a half around the start on July. So be smart and do trades carefully during this turbulent moment…

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After a pretty long period of keeping low prices Bitcoin and Litecoin may have started to finally recover to a higher levels, currently the BTC exchange rate is back to over $300 USD and LTC is above $2 USD. Definitely good news for people with small mining operations or using cloud mining services that were worried about their investments that were at risk with the possibility of contracts getting terminated. A quick look at CEX.IO however shows that cloud mining there is still unprofitable even at the current prices with the automatic settings to turn on cloud mining when it is again profitable. At the same time however we are still seeing a trend for the network difficulty of Bitcoin to go down and for Litecoin to keep at pretty much the same level after getting down significantly lately. With the current prices we are expecting to see some mining operations getting back online after being stopped due to the low exchange rate, especially mining operations that are working on the mine and sell immediately model. We’ll have to wait and see how things will go from here on…

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Today the Bitcoin exchange rate briefly dropped down to about $150 USD on Bitstamp, though shortly after that it rose back to over $200 USD. This was enough to scare some people to panic sell as usual and has sprouted new theories about the cryto currency failing or dropping down to sub $100 USD and so on. The fact is that lately the Bitcoin exchange rate was actively swinging with big jumps up or down and nobody knows for sure what is going to happen. This could be a result of the recently hacked Bitstamp exchange and almost 19000 BTC stolen that are being dumped on exchanges, or ponzi schemes that have stolen Bitcoins from users dumping them, or a result of big mining ASIC manufacturers (Cointerra) and cloud mining services such as CEX.IO stopping their mining operations. It could as well be none of the above or all of the above, but the majority of people that believe in Bitcoin and crypto currencies are not ready to give up on the idea. A lot of businesses however that are focused on mining for crypto currencies may suffer from the not so good exchange rate lately and we already are seeing very big companies in that area starting to get affected…


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