The price of Bitcoin has recovered and went over the $4,000 threshold during the past week, just like we discussed in our last update. And although USD price went through a minor correction during the previous day, it now sits near the $4.3 mark, with market signals showing there is less reason for worrying.
In other interesting news, Lloyd Blankfein, CEO of Goldman Sachs, reveals publicly through his Twitter account that he is not yet rejecting Bitcoin, Fortune reports. Blankfein’s tweet comes at a time when Bitcoin is receiving strong negativity from other Wall Street heavyweights like Jamie Dimon, J.P. Morgan’s CEO, who called people who trade Bitcoin “stupid” and threatened to fire any employee who traded the cryptocurrency.
But unlike Dimon, Blankfein didn’t yet picked a definite side, saying that he was “still thinking about #Bitcoin. No conclusion – not endorsing/rejecting.” According to recent reports, Sachs are mulling over whether to start their own BTC operation due to client interest. Cheekily addressing the recent fears about bubbles, Blankfein also added that he “know[s] that folks also were skeptical when paper money displaced gold.”
Major Chinese Exchange Hacked?
A number of Bitcoin thefts occurred to users of Chinese exchange OKEx in August, prompting users to suspect the exchange was hacked. OKEx, which is a “sister” exchange to one of the largest Chinese Exchanges, OK Coin, and owned by the same company, now issued a statement denying the accusations and putting the blame on user negligence, according to Bleeping Computer.
Rumors about a hack began to circulate by the end of August, when a number of users voiced complaints about their Bitcoins starting to disappear from their accounts. A collective sum of more than 600 Bitcoin was reported to be missing, with the damage even amounting to 200 Bitcoin per user in one case. The majority of victims were users of OKEx but there were also users of OKCoin that reported such thefts.
Denying the accusations, Lennix Dai, Financial Market Director of OKEx and OK Coin, said that it was a small number of individual accounts that were affected, most probably due to their own negligence or by falling victim to phishing attacks. The exchange is now advising users to turn on the two-factor authentication protocol to better protect their accounts.
Trading Volume Recovers
Over the course of last week, the price of Bitcoin has been going up with some fluctuations, moving from the $3,900 range on Wednesday to current highs. The lowest Bitcoin dropped down was on Friday morning, when the price touched $4,041.44, while its peak was hit on Monday, when one Bitcoin briefly reached $4,461.18. Currently, it is close to $4.3K.
One positive sign is that the trading volume steadily remained over $1 billion, with current numbers amounting to $1.15 billion. Unsurprisingly, the market capitalization was also up, currently sitting at $72.1 billion at the time of writing.
As for our market analysis, it shows a bullish trend with 10 out of 12 moving averages and 4 out of 12 indicators sending a buying signal. The SMA 100 is still above the SMA 200 on this time-frame, showing there is less resistance on the upward course. However, the RSI is indicating a selling trend and Williams and other oscillators are turning neutral, showing the bullish pull might not be as strong.
Although the overall trends seem to be in favor of further price increases and the increased interest gives more room for a stronger push in the current market direction, you should still watch out for any signs of bears returning, especially during weekends.