itBit Bitcoin Market Report: August 2016 It has been an eventful five weeks for the bitcoin and digital asset markets.Following the bitcoin halving event on July 9th, the price of bitcoin stabilized in the mid-600 range and remained there through most of July.Then on August 2nd, the massive Bitfinex hack which saw roughly 120,000 XBT... READ MORE Bitcoin Breaks Above $700 as Price Run Continues Bitcoin continued its incredible run last week, surging another roughly 10% to close around $740.The price has now jumped over 65% since late-May.READ MORE itBit Bitcoin Market Report: June 2016 The bitcoin price rose 20% in May and is now up over 30% in 2016.The price had been rangebound most of the year, leaving volatility at extremely low levels.Big upside volume helped boost the price above key resistance levels in the $470-$475 range and then over the November high of $500.The... READ MORE Bitcoin Bull Run Marches On: Is $600 Next?Positive momentum in the bitcoin market continued last week, giving fresh legs to the recent rally.

The price rose another 10%, closing the week around $580.The price of bitcoin is now up nearly 30% since May 27th.READ MORE itBit Bitcoin OTC Market Recap: May 2016 Infographic Our monthly Bitcoin OTC Market Recap infographics are loaded with key OTC data ranging from trading volumes to spot price analysis.OTC market insights from our Director of Trading, Elizabeth Hamilton, are also provided below.READ MORE Bitcoin’s Massive Price Move and the Week Ahead Last week started off with bearish readings in key indicators and saw the price of bitcoin fall below its 50-week EMA.The indicators turned bullish mid-week and a divergence formed across the 50, 100 and 200 day EMAs.The end result: a nearly 25% increase in price, peaking around a 21-month high... READ MORE Bitcoin Price Outlook: Week of May 23, 2016 The bitcoin price failed to rally last week despite key indicators being bullish.When price does not follow indicators, a breakdown is likely and that’s exactly what happened.

Bitcoin price dropped below $440, ultimately settling in the low-$440s.READ MORE Bitcoin Price Outlook: Week of May 16, 2016 The price of bitcoin was fairly flat last week, down less than a percent from the May 9th close.Bitcoin price dropped 3% on May 10th, from over $460 to $447, before rebounding and consolidating in a tight range the rest of the week.READ MORE Bitcoin Price Outlook: May 9, 2016 The price of bitcoin price rebounded to rise 1.7% over the past week.The price fell below $442 to start the week, six days after bitcoin set a 2016 closing high of $467 in April.This was a major resistance level and selloffs are normal following an initial attempt to break above key resistance.READ MORE itBit Bitcoin Market Report: May 2016 The price of bitcoin rose nearly 8% in April, reaching a yearly high of $468 on April 26 before retreating to close the month at $446.Bitcoin outperformed the S&P index in April, which was flat for the month.The rise in bitcoin price coincided with a spike in commodities prices, fueled by a... READ MORE Next Page

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Multiple country support We currently provide local currency trading and fast deposits & withdrawals in a number of countries.bitcoin highest rateWe also offer friendly, experienced and dedicated customer support in these markets and languages.bitcoin billionaire ios ifunboxIn August 2015, we published an analysis that highlighted the correlation between the price of bitcoin and various other financial markets.Notably, we found a strong inverse relationship between bitcoin and gold prices.As noted in August, “the historical positive correlation with gold has turned decisively negative, and currently stands at -0.58.” Given the dramatic impact macro indicators such as those outlined previously could have on the relatively small bitcoin market, we elected to revisit the analysis with data extended up to present day.

Notably, the gold-bitcoin inverse relationship not only continued, but actually amplified.The trailing 12-month correlation coefficient now stands at -0.70, among the highest of all financial assets included in the analysis.The chart below illustrates the one year price of bitcoin and gold, starting January 2015.Interestingly, it calls into question whether the recent price drop in bitcoin was attributable solely to the departure of a long-time influencer, or perhaps also somewhat compounded by broader macro market events that drove gold up ~5%, off of 6-year lows, in the days preceding that announcement.Upon revisiting the analysis, we expanded the list of financial assets to include measures of volatility (VIX Index) and global currencies (CNY, EUR & GBP), adding to the existing group that included equities and Treasury securities over the same 12-month period.Of all financial assets, the Chinese Offshore Yuan (in USD terms) was found to have the strongest correlation with bitcoin, underscored by a correlation coefficient of +0.72.

For reference, the correlation with CNY (Onshore Yuan) was similar at +0.68.The chart above represents the one year price of bitcoin and offshore Yuan, starting January 2015.Notably, the Yuan data is in terms of USD/CNH, implying that a weaker Yuan is correlated with higher bitcoin prices.Given recent macro concerns within China, the subsequent devaluation of the Yuan, and significant relative volume in XBT/CNY markets, there is likely some truth to the argument that China has been a driving factor in the 45% increase in bitcoin prices since August 2015.Worth also noting that certain micro shocks (i.e.the dramatic Yuan devaluation in August) did not immediately correspond with higher bitcoin prices, but the longer term trend and provable mathematical correlation indicate that the relationship is worth keeping an eye on.Lastly, it appears bitcoin price movements are generally uncorrelated with the VIX Index (a measure of the implied volatility of S&P 500 options) and equity indices in both China and the US.