Key takeaways
- Although its weekly price is down, bitcoin managed to weather the cryptocurrency market storm.
- Trading volumes increased by about 11% week-on-week, amidst a suffering cryptocurrency market.
- The plunging Turkish lira causes a spike in bitcoin interest.
The world’s most popular digital currency, bitcoin, has experienced much volatility over the past week.
Starting the week Tuesday 7 August at US$7,112.99, the token sank as low as US$6,226.22 in less than 24 hours.
From there, bitcoin enjoyed a solid resurgence, peaking at US$6,621.00 on Thursday 9 August before again slipping down to a low of US$6,125.43 on Friday 10 August, amidst a number of sharp market fluctuations.
The token jumped up to US$6,451.77 on Saturday before tumbling down again throughout “bloody” Monday.
At the time of writing, the coin was valued at just US$6,133.25.
Trading volumes over 24 hours were driven higher over the last week, up from US$4.68 billion to US$5.22 billion.
Author: Temitayo Olojede , temity@bitkonga.com
