Crypto Chaos – Bitcoin Price Swings Signal Futures Fiasco Ahead Of Launch

Friday, December 8, 2017
By Paul Martin

by Tyler Durden
Dec 8, 2017

Take your pick as to what price you think Bitcoin is trading at this morning…

After an utterly shocking day yesterday with Bitcoin prices soaring towards $20,000 intraday on some exchanges, the true chaos of the cryptocurrency is unveiled ahead of Monday’s futures launch.

GDAX shows bitcoin trading up to $19,697 yesterday before plunging to $13,788 and then rebounding…

GDAX is flashing $15,500, BitStamp is signaling a plunge to $14,500, and Bloomberg’s aggregate price is around $15,000 – all of which are well down from yesterday’s GDAX-based $19,600 record highs as all the fears of margin clerks were realized amid yesterday’s chaotic run.

As Bloomberg reports, the cryptocurrency’s eye-popping rally would have triggered so-called circuit breakers on seven of the past 10 days, pausing or even halting trading to ensure an orderly session, based on rules planned by exchanges.

CME Group stipulates a two-minute trading pause if the price of the contract rises or falls 7 percent from the prior day’s settlement price. There’d be another two-minute pause if the gap widened to 13 percent. No trades can occur at prices higher than 20 percent from the settlement.

The Rest…HERE

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