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Bitcoin Price Hits New High; Overall Market Capitalization Soars

Bitcoin Price Hits New High; Overall Market Capitalization Soars

2017-08-17 15:10:00
Nick Cawley, Strategist
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Talking Points

- Bitcoin nears $4,500 although the move is starting to look tired.

- A Bitcoin denominated bond makes its debut.

If you are new to trading, or want to hone your skills further, join the DailyFX Free Online Forex Trading University.

Bitcoin (BTC) Makes a Fresh High but Hourly Momentum Starts to Slow

The largest digital cryptocurrency by market capitalization made a fresh high in European trade but the move started to find resistance on the hourly chart as profit taking took hold. Bitcoin touched a high of USD4,485 in early European turnover pushing the digital currencies market value to just over $73 billion, just over half of the overall cryptocurrency market capitalization.

Chart: Bitcoin (BTC) Price: Daily/1 Hour Timeframes– August 17, 2017

Bitcoin Price Hits New High; Overall Market Capitalization Soars

Chart by IG

Market Moves/Top 8 Capitalizations – August 17, 2017

Bitcoin Price Hits New High; Overall Market Capitalization Soars

Bitcoin Makes its Bond Market Debut

A novel new approach to fund raising was announced by Japanese information provider Fisco Ltd using Bitcoin as the underlying currency. In a test case, a unit of the company issued three-year debt worth 200 BTC to another firm within the Fisco organization. According to a Bloomberg report the bond was designed like a regular corporate note to meet regulatory requirement. The note carries a three percent coupon and will repay the 200 bitcoins on maturity.

I will be discussing Bitcoin Trading and Strategy on Wednesday Aug 23 at 12:00 pm – if you would like to join me, please click here.

Bitcoin Glossary: Key Terms and Concepts for Traders.

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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