Updated: 02/19/2015 10:30
Reprints/Permissions  Hyip Monitor
At the beginning of the current week, the about the weekly bitcoin price...

At the beginning of the current week, the about the weekly bitcoin price progress. As it's been announced the price for bitcoin has risen in three consecutive sessions to a high of $267.35. Four days before the rising trend appeared at a low of $217.62. Gains were modest for the day's trading, closing just over $2 from the opening price. During the net two days, the gains were much more significant. The price rose to a high of $240 on Friday before rising a further $20 to hit the following day's peak. A further $7 would be gained before momentum slowed on Sunday, with trading ending in negative category. The price closed at $234.33, representing a 5% gain over Monday's open.

From peak to trough, the bitcoin price gained nearly $50 in four days of trading. This represented a 23% gain from Thursday's open, as the run-up began. The price action was largely positive despite a week dominated by news of dodgy dealings at a bitcoin-linked investment platform.

The platform was a Hong Kong firm called MyCoin that claimed to operate an exchange and investment scheme. Headlines blared that some $387m was taken in a Ponzi run by the firm, although that initial estimate, supplied by the South China Morning Post article that broke the story, was slashed to $8.1m according to police estimates.

Exchange volumes decline

Even despite the rise of the price, the trading volumes have decreased. The difference from the previous period of total is 20%. standing at 3.07m coins, according to data from Bitcoinity. The big Chinese exchanges showed drops of 19% and 24% at BTC China and OKCoin respectively. Exchanges outside China showed smaller losses in trading volume. Bitstamp's volume fell just 1% week-on-week while Bitfinex showed a 14% decline in coins traded.

Bucking the trend was Coinbase, which makes an appearance on the volume leaderboard for the first time. The Coinbase exchange was launched on 26th January as the bitcoin services firm added a significant piece to its vertically-integrated business model.

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