These days it seems that there’s always something related to the Bitcoin happening in the world. However, despite the string of positive events and generally high interest for the cryptocurrency, it seems that the Bitcoin has lost its power to move upwards for the time being. The price per coin has been stabilised under $640 for quite some time now, with the general trend being negative in terms of price movement.
Today the signal received from both indicators and averages is rather negative, considering the fact they both are pro-sell. Also, the volume hasn’t grown either. Therefore, there isn’t a reason to believe that the Bitcoin will grow in the days to come. Nonetheless, we’re more than certain that this will change as soon as July enters the doors.
North Carolina Approves Bitcoin Bill; Brits Gone Crazy Buying Coins
Nine days ago we mentioned how the improvement of the Bitcoin price per coin made Australia a winner. As you may remember, the country had a stash of seized coins or, more precisely, 24,518 Bitcons. The Department of Justice and Regulation were keeping the coins ever since 2012 and decided to auction them right at the time the price jumped. Well, it was reported that the international auction resulted in a total of A$22 million ($16 million). Nice deal for “the Lucky Country,” right?
On the other side of the ocean, North Carolina passed a Bitcoin bill. Once it’s officially accepted by both chambers and the Governor, the bill will impose Bitcoin and other cryptocurrency businesses the requirement to obtain a money transmitter license. The overall cost of such license includes charges of $1,500 to apply and at least $5,000 for an annual assessment.
Finally, even though we talked about the effect Brexit had on the Bitcoin more than once already, we would like to share some numbers highlighted by Yahoo Finance. According to their article, which is based on Coinbase reports, the week before the vote the reputable exchange noted a 55% increase in UK sign-ups as well as a head-spinning jump of 350% in Bitcoin purchases from Brits. This shows that those uncertain what the future would bring and how it would affect their national currency often give their trust to the world’s most popular digital currency.
Price Drops for 2.34%; Market Cap Goes under $10 Billion
In the past 24 hours the overall price movement of the Bitcoin was negative and the cryptocurrency fell for 2.34%. Naturally, that resulted with a drop in the market cap’s value, which left the $10 billion territory and settled at $9.96 billion. The 24-hour volume remains around $150,000,000, not announcing any drastic price changes in near future.
In terms of price, currently a single Bitcoin is trading for $636.05. The highest value per coin of $645.09 was seen yesterday afternoon, while the day’s low was hit early morning and its value was $619.12; ever since, the Bitcoin seems stuck under $640.
The monotony on the price chart is nicely reflected by the lazy indicators. Two of them (STOCH and ultimate oscillator) are pro-buy, while five are pro-sell. With the remaining four being neutral, the overall signal from the indicators can be considered to lean towards sell. The situation is much clearer among the moving averages where 11 out of 12 advise traders to sell. Whether this is a prediction for further price drops remains to be seen.