Cryptocurrency Trading News: Market Surprisingly Bounces Back Ahead of Silk Road Bitcoin Auction

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ForexMinute.com – With the auction of Silk Road Bitcoins just hours away, the market once again is trying to recover amidst the speculation of an average trading volume drop. Earlier, the market actually saw a massive drop in the wake of aforementioned event, while in last 24 hours it has been somewhat stable.

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At one point, experts are expecting a considerable price drop after the auction of 30,000 Bitcoin. But its impact on the market seems to be wearing off already. Unlike yesterday, Bitcoin prices against the fiat money and other cryptocurrencies has risen notably in last 24 hours. Its ripple effect can also be seen other coins as well, with Litecoin, Dogecoin, Nxt rising impressively within the same time.

Here is the full report:

BTC/USD
The BTC/USD opened yesterday around $574 and traded quite smoothly for the rest of the day. Only at the end it jumped to reach $581, putting a temporary end to the speculation that said it would be severely affected by the Silk Road Bitcoins auction. Although, it might be possible that the key actors have deliberately pushed the Bitcoin price, so as to make sure that bidders buy it at the maximum price; just a theory.

But it doesn’t mean the Bitcoin price would not be impacted at all. With the sale of 30,000 Bitcoin in exchange of fiat money, it will certainly inspire a volume drop. We would suggest our readers to wait until tomorrow to buy or sell Bitcoin.

At press time, the BTC/USD has surged 1.95% in last 24 hours and is currently available at $585.11.

LTC/USD
Under the influence of Bitcoin charts, the LTC/USD also saw some escalations after a series of falls. The pair opened yesterday at around $9.187 and soon stumbled in later hours, possibly to people trading their Litecoin in exchange of Bitcoin (as per the volume report). It though picked momentum at the end of the day, likewise BTC/USD, and closed at around $9.08.

Since entering today’s trading hours the LTC/USD has been trending upwards smoothly and has risen 0.08% in last 24 hours. At press time, it is priced at $9.18.

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

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