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Currencies BitCoin Bitcoin Closes Lower, $350 Eyed

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After several days of uneventful trading, bitcoin volatility is on a slight uptick! After opening at $368.75 BTC/USD fell to a low of $357.11. But unlike previous days, prices didn’t recover this time and after a brief pause, a second down move took prices to a new low of $355 flat. We are currently quoted just above the lows at $356.21 per coin on BTC-E. This compares to $363 on both BitStamp and OKCoin.


Today’s down move could be a prelude to more losses. As we’ve written about previously, extremely low range days like yesterday’s $5 dollars can be a starting point for breakouts. The last $5 dollar day on September 15th was followed with an expanded range on September 16th to $13 dollars. Bitcoin closed that day lower by $10 dollars. Today’s range was $12 dollars and by the close, BTC/USD lost $9.72. While historical performance is not indicative of future results, here’s what happened later in September. On September 17th, the range increased to $25 dollars. The next day, September 18th, a peak range of $57 dollars was reached. Bitcoin lost $39 dollars that day.

The US Marshall distributed the bitcoins to the winning bidders. The transfer of 50,000 BTC incurred a fee of only $0.37. In theory, due to the size of the transactions, the USMS could’ve sent the BTC without a fee and the transaction would still get included in the blockchain. The bitcoin network allows for no fees transactions when old coins or large amounts of BTC are moved.

We still don’t know the identity of the winning bidder or the price per coin bid. Unless the winning bidder(s) decide to come forward, we may have to rely on the market price alone for clues. The USMS sent the coins to 11 different bitcoin addresses but this doesn’t necessarily mean that there are 11 winning bids. It is speculated that at least one of the syndicates formed to bid as a group won a couple of the auction blocks.

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