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