Thursday December 14, 2017
Total BTC mined: 0.39695259
Total BTC mined USD: $6629.11 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
Overall Bitcoin mined value continues to drop as the currency recedes from the $17000 range into the low $16s. A lot people may not be happy with what they’re seeing, especially those that bought during the peak but I’m happy because we’re starting to see the major cryptocurrencies settle their volatility and trade in more predictable and expected ranges.
At the time of this writing, Bitcoin is around $16.6k from a high of $17.4k the previous day while Ethereum has fallen back below $700 and Litecoin has dropped into the $280s after trading as high as $330 just 24 hours ago. The pullback is not unexpected as people take profits and appetite wanes as casual investors seek thousands of units of the next penny cryptocurrencies rather than buying a fraction of a Bitcoin.
These periods of relative stability to tend to give way to major movement either higher or lower so I’m sure the futures market will be quite busy over the coming days as everyone bets on feast or famine.
Speaking of feast or famine, the loan rates on Poloniex have been all over the place. When Litecoin was climbing into the stratosphere, I had loans getting up to 0.27% daily interest compared to the 0.002% that was typical over the past 150 days. Bitcoin loans which are usually in the 0.007 to 0.008 range have now fallen to 0.003 so while I’ve built up a solid store of the cryptocurrency, what I’m able to earn through daily margin lending is now much less.
As I type cryptos continue to move lower so maybe the pullback will give us much needed time to catch our breath and really think about the market and what exactly we’re all doing here.
Today’s picture comes to us from Ciphern