The bitcoin correction we alluded to in our article yesterday is now fully in play. Prices got as low as $602 on BTC-E today. From here, BTC/USD staged a short rally to $633. One bitcoin is currently quoted at $622 on BTC-E and $632 on BitStamp. More losses are likely going forward. We are still longways off from the 38% Fibonacci retracement at $579 and the 50% fib at $552. Here’s a chart of today’s trading session on BTC-E.
Speaking of BTC-E, the second bitcoin exchange by trading volume announced more improvements. The newest feature is Multi-currency Meta Trader Accounts. Now users can pick the currency of their MetaTrader 4 account. Previously the only option was USD and crypto deposits had to be converted to USD before they could be used for trading in a MT4 account. The new options are Bitcoin, Litecoin, Namecoin as well as some popular fiat currencies like the Euro, the British Pound, The Chinese Yuan and the Russian Ruble.
BTC-E allows an unlimited number of MetaTrader 4 trading accounts to be created. This means that you can now open trading accounts in different currencies and deposit, trade and withdraw, paying ”minimal” deposit/withdrawal commissions. The announcement doesn’t state how ”minimal” the conversion fees will be, so it’s probably best to test out the new feature with a small amount first.
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