Bitcoin Price Climbs To $4,279 But Begins To Ebb Lower

September 28, 2017 10:13 pm Published by

Bitcoin’s price soared to a two-week high Thursday before dropping back to it’s level from the previous day, Cryptocoinsnews .com reported.

With Korean exchanges leading the downtrend, the country’s three largest trading platforms show pricing of bitcoin below $4,000, the report said.

It’s been an impressive run this week for bitcoins as Sunday trading was below $3,700, but an early market rally lifted bitcoin above the $4,000 threshold.

After reaching a high of $4,279 this morning – the highest since Sept. 12 – raising its market cap above $70 billion, the price began to trend downward and currently sits at $4,164, the report said.

This means a 24-hour increase for bitcoin of 2.3 percent, the report said.

The Korean exchanges, the report said, show bitcoin is trading below $4,000.

Bithumb – whose BTC/KRW pair is priced at $3,998 – accounts for more 5 percent of bitcoin’s daily trading volume, while Korbit and Coinone combine for another 3 percent, the report said.

Despite Thursday’s mid-day pullback, bitcoin remains on a 10 percent weekly incline. Much of this progress can be attributed to the markets settling down from the turbulence initiated by China’s crackdown on initial coin offerings and cryptocurrency exchanges, but there are also several other factors at play, Cryptocoinsnews .com reported.

The market’s long-term prospects should get a boost following Overstock’s announcement of an initial coin offering (ICO) exchange that will comply with SEC and FINRA regulations concerning securities trading, the report said.

The exchange is being developed as a joint venture between tZero (an Overstock subsidiary), Argon Group, and RenGen LLC and will make the ICO marketplace more inviting for institutional investors who are concerned about the regulatory climate surrounding crypto finance, the report said.

Bitcoin price has surged this week despite global market volatility., Jack Durschlag

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