Bitcoin Tranquility Continues as Prices Remain in $800 Range

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Bitcoin prices have thus far enjoyed a day of reasonably tranquil price movements.

During today’s session, the digital currency fluctuated between $820 and $835, having fallen to as little as $820.05 at 12:15 UTC and risen to as much as $834.70 at 02:15 UTC, according to the CoinDesk USD Bitcoin Price Index (BPI).

The lack of volatility that bitcoin prices have seen thus far today coincides with a broader trend, as bitcoin prices have been moving between $800 and $840 since late last week. The average price is currently $828.82, BPI data shows.

Traders have been watching the markets with suspense and waiting to see what steps the People’s Bank of China (PBoC), the country’s central bank, will pursue after it held meetings with major Chinese exchanges BTCC, Huobi and OKCoin earlier this month. The PBoC later pledged to keep a closer eye on the ecosystem.

Those exchanges have already gone on to revise their margin trading practices, reigning in market participants’ use of leverage to enhance their trading. Now, traders are standing back and waiting to see whether China’s central bank takes any additional action.

“We’re all waiting to see whether the PBoC does anything serious,” said Tim Enneking, chairman of cryptocurrency hedge fund EAM.

Image via Shutterstock

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