Bitcoin has dropped and it dropped well, almost under $440. By the beginning of the week the cryptocurrency remained at strong $450 and at a point it even hit $457.
However, the Bitcoin lost its power under the pressure of unfavourable events and conditions that showed it was being overbought and lost on value. As a result, the market cap has decreased as well and the indicators are sending a strong sell signal; nonetheless, the volume is extremely high and could possibly promise price jumps over the weekend.
In terms of interesting Bitcoin news, there are some motivational actions by Bitcoin users as well as serious analyses on the cryptocurrency’s future. Therefore, we’ll first focus on the news and then move on to overview of the price chart and the indicators.
Coinbase Adds Ethereum on Its Platform; Bitcoin Robin Hood Donates 25 Bitcoins
Well, we’ve already wrote how the Ethereum grew to be Bitcoin’s main rival back in March. The digital currency didn’t seem to show intention to stop with its upwards movement and constantly gains on popularity. As a result, one of the most popular Bitcoin exchanges in the world Coinbase decided to add the cryptocurrency on its platform. Additionally, while commenting on the latest addition to the trading platform, the company revealed plans to change its name to GDAX (Global Digital Asset Exchange).
Another serious text related to the Bitcoin was published in Quartz and it explains how Satoshi Nakamoto’s identity was jeopardising the future of the currency. The article focuses on the nature of the Bitcoin and claims that if the real creator steps up he or she would unite the shattered Bitcoin community.
The last piece of information we want to share with you is a very amusing one; turns out, a Robin Hood hacker under the pseudonym Phineas Fisher has donated 25 coins to a crowdfunding campaign set up to help members of the Rojava region. The Kurdish region borders with ISIS held territory and it actively helps the fight against the extremists.
Bitcoin Price in the Past 24 Hours Notes a Negative Change of 2.44%
Considering the fact that the overall price change in the past 24 hours for the Bitcoin has been -2.44%, looking at the chart you can easily notice the falling trend. The current trading price of the cryptocurrency is $442.45, even though as soon as yesterday the value noted was much higher $448. The high and low seen in the past 24 hours are $449.83 and $441.61 respectively.
Drastic declines in value are always followed by similar drops in market cap. Therefore, is two days ago, and most of the past weeks, the market cap was standing strong over $7 billion, today its value was much lower $6.88 billion. However, the volume has considerably jumped and settled at $105,087,000; on Wednesday its value was $70,029,900. With such a change, price movements are expected, but whether they’ll be positive remains to be seen.
Two days ago the general signal received by the technical indicators and the moving averages was strong buy; today, the situation has shifted and most of them advise traders to sell. In addition to all 12 moving averages that send this signal, there are six more indicators. Only the STOCH (64.335), the Williams %R (-42.228) and the ultimate oscillator (57.752) are pro-buy.