Even though the value of a single Bitcoin hasn’t improved in these past two days and it’s still stuck around $420, it can be concluded that today is a great day for the cryptocurrency. The exact reasons will be discussed in the next paragraph, but what you should know is that Barclays got into Bitcoin, plus a new UK start-up got an electronic money license.
In terms of price, we mentioned last time that the volume dropped signalling a peaceful period; therefore, noting that the price hasn’t changed or fallen under $420 is a win for our favourite digital currency. We’re saying this especially because if the Bitcoin maintains this value during the period in which it generates power to jump, we could see it over $425 pretty soon.
Electronic Money Licences and Major Milestones
It seems that finally the Bitcoin has beaten its rival the Ethereum when it comes to global media coverage; today, everything was about the Bitcoin and its wins, both of them on British soil.
London has already showed aspirations to become a financial technology hub and its latest move toward accomplishing this goal is embracing Bitcoin start-ups. The Financial Conduct Authority, UK’s financial regulator, has issued an electronic money licence to a Boston-based company named Circle that entered the country’s market one week ago. Circle is giving customers the opportunity to make so called “social payments” using a mobile app. The company has been successfully working ever since 2009 and enables quick and cheap money transactions across national borders.
The second positive detail related to the Bitcoin is also related to Circle. Fortune reported that Barclays has formed a partnership with the start-up, which Britain’s Treasury called a “major milestone” in its road towards becoming a FinTech capital.
Highest Value per Coin Reached $422; Price Change 0.05%
Looking at the price chart, traders can spot that the price is generally stabilised around the $420 threshold. It’s always good to notice that the 24-hour range includes a high that was reached today and a low which was hit yesterday. This indicates a positive movement that is also seen by the 24-hour price change of 0.05%. The trading price at the moment of this writing was $420.70.
The market cap this Wednesday is set at $6.51 billion, whereas the volume has jumped at $60,378,900. However, whether this movement announces a drop or an increase in price remains to be seen in the days to come.
When it comes to the technical indicators, today they have a neutral signal, just like they did last time. Four indicators are pro-sell, four are pro-buy and three are completely neutral. Additionally, the ATR (2.0015) implies that the volatility is high, thus regular price changes shouldn’t be surprising at this time.
The situation has changed on the table with simple and exponential moving averages. Last time all of them were signalling traders to buy, whereas today three have shifted into the negative territory and send a sell signal. Once again, we advise you not to take these numbers for granted because at the time the Bitcoin is unstable and could go either up or down, without any logical explanation for its movement.