At around 3 p.m. ET (15:00 UTC), trading volume on cryptocurrency exchanges spiked as bitcoin prices jumped from $8,674 to $8,898, almost a percentage point, within one hour.
Coinbase, for example, saw volume rise from 437 trades to 1,699 trades from 14:00 to 15:00 UTC. Bitcoin is trending downward overall, dropping from a 24-hour high of $8,974 and currently in the red at 1.92 percent.
An hour of high-volume trading on Tuesday resulted in bitcoin (BTC) trading lower, giving back nearly half of the previous day’s gains.
This comes after bitcoin prices saw a 4.5 percent gain on Monday. The Standard Poors 500 also showed positive gains Monday, up 4.6 percent. Year to date, bitcoin is up 21 percent while the SP is down 5.5 percent.
Other notable cryptocurrency price movements as of Tuesday at 20:00 UTC include Neo (NEO) down 5 percent, ether (ETH) in the red 3 percent and XRP (XRP), down 2 percent. However, Dogecoin (DOGE) is out of the doghouse, with a 1 percent gain in the past 24 hours.
