During the past week, Bitcoin suffered a small price correction brought on by a predominantly bearish market and diminished interest in buying the cryptocurrency. Whereas last week Bitcoin traded near $6,700, it has now reached a USD value close to $6,500. However, as current market signal hint, the sentiment has changed and a further price drop may not be coming soon.
In other interesting news, the HTC Corporation will be launching a new device that will be exclusively sold for Bitcoin and Ethereum, Forbes reports. Dubbed the Exodus 1, HTC’s new device will be a “blockchain-enabled” smartphone that will be focused on privacy and sold for a price point of 0.15 BTC or 4.78 ETH, which roughly translates to a USD value of around $1,000.
As HTC explains, the mobile device will set out to expand the ecosystem of blockchain technology by being the first smartphone completely dedicated to decentralized security and applications. The device is to reportedly double-serve as a hardware cryptocurrency wallet which will be able to store encryption keys that are protected from the Android OS by running a second micro OS parallel to the main operating system.
Market Looks Bullish
The past seven days have brought on another price correction for Bitcoin causing the price to succumb to the bearish market and lose some of the gains it accrued over the past weeks. The highest price point in this period was reached on Thursday morning when Bitcoin touched $6,562.64, while the lowest point was hit yesterday afternoon when the USD value of the cryptocurrency reached $6,455.15.
It seems that a drop in interest has allowed the bears to thrive during last week as Bitcoin’s 24-hour trading volume dropped from being over $4 billion to just above $3.2 billion at one point. The trading volume is now dropping again, currently sitting at $3.5 billion, while the market capitalization of the coin is at $113 billion once again.
Our market signals show that the market is bullish, with 8 out of 12 technical oscillators and 11 out of 12 moving averages sending a “BUY” signal. The 5-hour charts are also bullish, hinting that the sentiment may be changing. However, the SMA 100 is also closing in on the SMA 200, showing that there might be a reversal of trends. As always, keep a close watch on the price for new changes, especially during the weekend.
Elon Musk’s Twitter Locked after Bitcoin Tweet
One interesting occurrence that made big headlines this week is the locking of Elon Musk’s Twitter account following a tweet about Bitcoin. Musk, the founder of electric car company Tesla, Space X, and co-founder of PayPal, has sparingly tweeted about cryptocurrency in the past, choosing to deal with other issues instead. But after a tongue-in-cheek tweet yesterday about Bitcoin, he had his account locked, the BBC reports.
Replying to a Twitter user about the security of two-factor authentication for Tesla accounts, Musk wrote “Wanna buy some Bitcoin? 😉 😉 ” and posted a picture of an anime drawing of a girl representing Bitcoin, property of the Cryptocurrency Girls website. Following his tweet, Twitter locked his account for security reasons.
The lock-down comes after a series of scams related to cryptocurrencies that appeared on the social network, some of which used the names and pictures of influential celebrities to trick users into sending coins. So far, a number of celebrities were impersonated, including people like President Trump, John McAfee, Bill Gates, Warren Buffet, and even singer Katy Perry. In this case, though, it seems that Musk intentionally did this to test the network.