We’re at the middle of the week with a slight improvement over the Monday price, while the buying pressure keeps pushing the market towards another range. During the past 24 hours, the value has broken out of the $710 resistance, oscillating mildly around this mark, while our technical analysis showed little causes for worrying. Will we see another climb in the upcoming days will be entirely up to the market winds, which, for the time being, are in favor of those who want to see their Bitcoins grow.
In other news, Gemini, the Bitcoin exchange launched by twin entrepreneurs Cameron and Tyrel Winklevoss, has announced the launch of several API options for those looking to do automated trading. Namely, the exchange now allows users to connect through the Websockets API, REST API and Fix API for an easier access to their order status data and updates.
Ever since its launch, Gemini has tried to attract customers in a number of ways and their latest update is to open their doors to new groups of Bitcoin users. According to the official announcement, the introduction of APIs should turn out to be “more efficient” than the REST protocol the service has been thus far using.
Bitcoin up by 0.5%; Bulls Keep Pushing
While the week went off to a slow start, things have been slightly improving over the past 24 hours. The lowest point was hit on late Monday afternoon, when the price dipped below support to $697.97, only to start a two-day ascend and reach it’s weeks high (thus far) of $713.64. Many agree that the price will only keep pushing forward, triggered by the eight–year low of the Chinese Yuan, but, as always, it all depends on the trading trends.
Volume-wise, the Bitcoin trading market remains virtually unchanged, with the current trading volume amounting to $65,644,500. As traders already know, stagnant volume rarely mean drastic price changes, which isn’t always bad news. The market cap, on the other hand, is $11.4 billion.
Turning to our technical analysis, the market is heavily inclined toward buying, with 9 out 12 technical oscillators and all 12 moving averages being pro-buy. The price seems to be headed for an even higher ascend and test of the $715 range, as long as the buying pressure continues, in which case we might see another break of resistance.
Singapore Tests Digital Currencies
Following the examples of other countries like China and the UK, Singapore’s central bank – the Monetary Authority of Singapore (MAS) – is to become the latest financial regulatory authority to test the waters for creating its own digital currency, Bloomberg reports. For this purpose, the bank is launching a project titled “proof-of-concept” which will be conducted in cooperation with Singapore’s stock exchange and eight other banks, and see the creation of an inter-bank digital payment method based on a blockchain system.
According to the managing director of MAS, Ravi Menon, the goal is to make the inter-bank payments and transactions simpler and cheaper, by making the need for correspondent banks obsolete. He adds that this is the first step MAS are taking to explore the “potential” of a digital currency regulated by the central bank, while the authority is also open to a cross-border expansion in collaboration with a different central bank.
This project is seen as the latest push forward in what was a much-debated move in the global banking industry. After years of discussing the security dangers of using blockchain technology, it seems that the financial world is finally taking a bold step forward.