Market Weekly: Bitcoin Bulls Return in Wake of BearWhale Slaying

Traders appear to have been reinvigorated by blood in the water this week in the aftermath of the slaying of the ‘BearWhale’ last Monday.
The bitcoin price was $327 at the start of last week and it was trading for $370 at the week’s end, according to the CoinDesk Bitcoin Price Index.
After weeks of tepid trading volumes, bitcoin exchanges showed a surge in orders, hitting 642,000 BTC on 9th Oct. This almost topped the 657,000 BTC in total trading volume at the height of the buying activity as the massive sell order of 26,000 coins was unloaded by the so-called BearWhae on the market on Sunday.
This makes the week one of the most active trading weeks in months. The last time this much trading activity was recorded on the exchanges was eight months ago, where peak trading volume was 711,000 BTC on 25th February.
The price then was $534, according to the CoinDesk BPI. It was on its way down from the heights of January, plunging from $850 at the start of the month to $563 by the time March rolled around. That was the start of relatively range-bound trading until another sharp drop at the end of March.

This post was published at Coin Desk on October 13, 2014.