An estimated three-quarters of bitcoin users suffered losses on their initial investments at this time. This caught millions of investors unprepared. The fall in the price of cryptos (Chart 1) led to a decrease of around €2 trillion worth of crypto assets within less than a year. However, this illusion of crypto-assets serving as easy money and a robust store of value dissipated with the onset of the crypto winter in November 2021. Subsequently, the narrative of digital gold gained momentum, sparking a “crypto rush” that led to one in five adults in the United States and one in ten in Europe speculating on crypto, with a peak market capitalisation of €2.5 trillion. The vision of digital cash – of a decentralised payment infrastructure based on cryptography – went awry when blockchain networks became congested in 2017, resulting in soaring transaction fees. Since then, crypto has relied on constantly creating new narratives to attract new investors, revealing incompatible views of what crypto-assets are or ought to be. Some 15 years ago, software developers using the pseudonym Satoshi Nakamoto created the source code of what they thought could be decentralised digital cash. In the case of Bitcoin this might be numerous times per second, and with Litecoin too, but with other smaller less well known crypto currencies it might take a lot longer between trades.Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a panel on the future of crypto at the 22nd BIS Annual Conference, 23 June 2023 We also show you streaming data on each individual coin page that will give you insight into the frequency that a particular crypto currency is traded across all the exchanges. If Bter is has only traded 20% of the 400 BTC volume in the last day whilst Cryptsy has traded 80% then you would probably want to pick the latter as the liquidity is higher, most likely meaning that the Bid Ask spread is lower and so the price you pay, or liquidity premium on the Cryptsy exchange is less. We also show volume pie charts by exchange to show you were the volume is flowing, For example the Bitcoin Litecoin BTC/LTC trading pair - If you want to see where the volume is highest you can have a look at the orderbook or look at our volume pie chart which shows you which exchange has the highest liquidity. We also show you trades as they come in which you can see on our live streaming pages for Bitcoin and other crypto currencies – keeping you up to date with the latest Bitcoin price moves and volume. If you don’t want to represent this data this way then you can simply just plot the open or the close just to see a straight line graph. The vertical lines coming out of the boxes show the level of volatility during a time period, the more the lines vary the more variable the price has been showing uncertainty as to what the market participants, traders or investors believe is the correct price. If the open is higher than the close the block is colored one color, usually red or black – and so signalling a falling price in that time period – and if the open is lower than the close the color is green or white signalling a rising price during that period. The block represents the open or the close, and top and the bottom of the vertical line represents the high or the low. This is represented by simple colored blocks with lines coming out of it. OHLC data shows the starting price of the time period (open), the highest price in the time period (high), the lowest price in the time period (low) and the closing price in the time period. The trading data can be represented in many different ways graphically although perhaps the most useful is in the format of OHLC – or open high low and close. The first being a pricing chart, which is important as it shows how the price changes over time. There are three main types of charts we show on our website. Charts show you a representation of their movements over specific time period. With Bitcoin, or crypto currencies, perhaps the most important fundamental change is how Governments treat it, through tax and through regulation. As with any tradable asset there are prices and markets which change according to sentiment or fundamental shifts in the assets core use.
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