Bitcoin loses a quarter of its value in one day's trading

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But is this a bubble? Are the gains real? And are the bitcoin whales in for a sad Christmas? First we must understand what drives bitcoin price and, in particular, this boom. The common understanding for current growth leads us back to institutional investors preparing for the forthcoming BTC futures exchanges. The primary theory about the astonishing rally being put forward by investors on social media is that bitcoin will soon benefit from big institutional money injections via the introduction of the first BTC futures products.

This ability makes bitcoin far more palatable to big investors who are currently flooding the market to make profits if and when the coindesk what is bitcoin worth price falls. This group of enthusiasts bought and held bitcoin and will not sell it at any current price. More and more coindesk what is bitcoin worth fans are entering into this group and they are driving up demand increases.

We see a common thread between these points: All cryptocurrency movements are based on domain specific media and conversations between traders. Bitcoin traders, it can be said, are now akin to the jolly colonists selling stocks under buttonwood tree. That is all coming and at that point the market will harden itself against panics and booms.

Until then we enjoy rises and dips and volatility that puts most bitcoin dilettantes off their lunch. Ultimately new and old users are testing the limits of a system that, for a decade, has been untested. The futures market will be a big driver in growth and bust over the next few months as institutional investors begin using the currency. Yes, to those who are betting big on BTC.

Again, I cannot tell you whether to buy or sell but the common expectation is that coindesk what is bitcoin worth raises to a set point and then fluctuates between a high and a low until the next run up. Many expect foul play. Now that Bitcoin futures are coindesk what is bitcoin worth it is easy to buy into futures market first and then create a massive number of buys or sells of Bitcoin to ensure the price swings in favour of your futures contract.

Is this a bubble? Many are disappointed in the moves, believing the rise is happening because of market manipulation. But we must remember that the real value of a cryptocurrency is not driven by price but instead is driven by utility. While bitcoin may always be the proverbial hidden pot of gold for early buyers the future of all cryptocurrencies is still being written. Just as, inno one could have predicted the prevalence and value of open source projects like Linux and Apache, no coindesk what is bitcoin worth can currently predict what bitcoin and other cryptocurrencies will do for us in the future.

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A real-time spot rate is published as well. The price displayed in the top menu of Bitcoin. Historical values are charted here. The BCX is a composite of multiple Bitcoin indices, providing a robust measurement of Bitcoin's value. When the constituent indices publish multiple timeframes, the daily value is chosen for daily BCX construction. The Spot Rate uses the latest data available for each index.

The value of the BCX is a quadratic time-weighted average of the most recent data point of each constituent index. For the daily BCX, the weight is as follows:. Quadratic time-weighting places more emphasis on recent data points. For instance, a data point at hours would only receive 0. All price values are denominated in US Dollar cents, so divide by to convert to dollars.

A return value of price: The daily values of the price index. The return value is an array of [time, price] entries. The default time format is ISO , but the server will return unix timestamps in seconds since the epoch with the query parameter? If a non-midnight time is specified, the value is interpolated between the open and close price for the day.

See price lookup in action on the Tools Page. The open and close prices will be for the UTC midnights straddling the query time stamp. The lookup object will contain the timestamp of the query, the fraction k of one day elapsed between open. Methodology The value of the BCX is a quadratic time-weighted average of the most recent data point of each constituent index.

For the daily BCX, the weight is as follows: