Cryptocurrency Trading News: Market Reaches Stability after Silk Road Bitcoin Auction

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ForexMinute.com – Odd is number 1 indeed! Defying all the predictions made by the leading cryptocurrency experts, Bitcoin prices skyrocketed right after the USMS-sponsored auction of over 30k seized Bitcoin from demised marketplace Silk Road. To everyone’s surprise, the Bitcoin chart rebounded impressively and turned a so-called sad event into a cheerful one.

Our earlier analysis on June 27th predicted something similar. It seems like the winners of the auction had simply invested their share back into the Bitcoin market. During the noon trading hours on Monday, the BTC/USD did a superman and reached to its day’s best at around $633 from $601. As we all know, all the Silk Road Bitcoin were offline, so it was inevitable for Bitcoin to stop from mounting in recent days, especially when its large chunk was coming back to the market. Had it been from Mt. Gox, the BTC/USD might have reached over $1000 in a day.

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This rise truly indicated a large demand of Bitcoin thanks to large players included with this fortunate auction.

Here is the full report of last 24 hours meanwhile:

BTC/USD
The BTC/USD opened yesterday at around $628, and closed at $644. The rise was met with further optimism in today’s trading hours, as the pair was able to cross the $650 bar. The market was further met with more optimism with few moral boosting events – the major one includes the online retail giant Newegg announcement of accepting Bitcoin.

At press time, the BTC/USD is priced at around $654 and has surged 5.5% in last 24 hours.

LTC/USD
It seems like Litecoin faced more pessimism from the Silk Road Bitcoin auction than Bitcoin itself. The LTC/USD pair fell massively to around $8.7 during the yesterday’s trading hours, after opening at a stable $9.03. Amusingly, the price rebounded the moment market realized the optimism inside the Bitcoin economy. Its impact inspired LTC/USD to create another uptrend which hasn’t event stopped in today’s trading hours. The pair although closed yesterday just short of touching the $9 mark.

At press time, the LTC/USD is being traded at $8.93 and has risen just 0.02% in last 24 hours.

BC/USD
Apart from Bitcoin, it was BlackCoin that showed the most impressive growth in its market cap and price as well. The coin was enjoying the perks of its recent announcement of implementing a new POS anytime soon, as well as the launch of BlackHalo, its very own decentralized exchange.

As a result, the BC/USD jumped around 7% in last 24 hours and is now trading at around $0.143 at press time.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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