1 Dec 2014
Declining ruble boosting bitcoin? – CoinDesk
The CoinDesk Analysis Team notes that BTC/Rubles traded on LocalBitcoins has risen steadily on the one-year chart, with a sharper rise from around July onwards, with the fall in commodity markets creating upward pressure on the BTC.
Key Quotes
“The steep declines in the wider commodity markets may be contributing to upward pressure on the bitcoin price. The peer-to-peer marketplace known as LocalBitcoins, popular among traders who wish to preserve their privacy, has enjoyed an increase in reported trading volume of late.”
“One LocalBitcoins currency pair has caught the eye of Jon Matonis, former head of the Bitcoin Foundation, who pointed out that trading volume in BTC-Rubles on the site has been on a steady upward trend.”
“BTC-Rubles traded on LocalBitcoins has risen steadily on the one-year chart, with a sharper rise from around July onwards. A quick glance at the ruble's major currency pairs shows why: the ruble has lost some 30% of its value against the euro and the dollar over the past year. The oil shock will likely hasten the currency's slide.”
“Amidst news of crashing oil and metals prices comes a report of another falling gauge. According to Eli Dourado of the Mercatus Centre, who maintains the Bitcoin Volatility Index, the digital currency is shedding its volatility over time. His measure shows that bitcoin volatility has been on a steadily declining trend since 2010.”
Key Quotes
“The steep declines in the wider commodity markets may be contributing to upward pressure on the bitcoin price. The peer-to-peer marketplace known as LocalBitcoins, popular among traders who wish to preserve their privacy, has enjoyed an increase in reported trading volume of late.”
“One LocalBitcoins currency pair has caught the eye of Jon Matonis, former head of the Bitcoin Foundation, who pointed out that trading volume in BTC-Rubles on the site has been on a steady upward trend.”
“BTC-Rubles traded on LocalBitcoins has risen steadily on the one-year chart, with a sharper rise from around July onwards. A quick glance at the ruble's major currency pairs shows why: the ruble has lost some 30% of its value against the euro and the dollar over the past year. The oil shock will likely hasten the currency's slide.”
“Amidst news of crashing oil and metals prices comes a report of another falling gauge. According to Eli Dourado of the Mercatus Centre, who maintains the Bitcoin Volatility Index, the digital currency is shedding its volatility over time. His measure shows that bitcoin volatility has been on a steadily declining trend since 2010.”