In only two days a lot of things worth-mentioning have happened when it comes to the Bitcoin. Namely, the cryptocurrency has noted a serious drop in value, it was accepted as “real money” and even got an editable blockchain prototype.
However, not too much has changed in terms of indicators and averages; turns out, the majority of them is still predicting price declines. On the other hand, the volume has improved in comparison to its Monday value; hence, there may be a bit of hope that the Bitcoin will, at least, stop falling.
Naturally, this latest decline in value has worried traders and investors, who were hoping to see the digital currency grow rather than fall. However, price fluctuations aren’t uncommon for the Bitcoin and therefore this may be a moment of reconciling strengths before reaching new highs.
Price Chart Overview
It’s only right to analyse the price chart and see what’s going on over there in order to better understand the current situation. For example, the current trading price of the Bitcoin is $595.91, whereas two days ago it traded around the $610 mark. This instantly shows a drop of about $15 in two days, which is certainly worrisome.
The chart also shows the day’s highest and lowest price; it turns out that the day’s high was strong $609.13, but it was recorded prior the drop at $596.75. If it wasn’t for the current trading price, this value would’ve been the 24-hour low. To compare, the lowest Bitcoin price noted on Monday was $606.88 i.e. almost as strong as today’s high.
The overall price change in the past 24 hours have been -1.73%.
The price decrease negatively affected the market cap. If only two days ago its value was over $9.6 billion, today we can see it down at $9.5 billion. However, it’s interesting to note the growth in 24-hour volume. Today the volume’s value is $82,446,100, whereas on Monday it was $50,156,500. Everyone familiar with volume knows that larger volume usually announces increased interest in Bitcoin and ultimately price jumps.
Opposing this prediction are the technical indicators and the moving averages. Namely, a total of nine indicators and 10 averages are pro-sell. This means that only one indicator and two averages are pro-buy; thus, price jumps probably aren’t an option at this time.
Federal Judge Says Bitcoin is Money
US District Judge Alison Nathan in a J.P. Morgan Chase and other companies related case said that Bitcoin was qualifying as money. The federal judge decided that the cryptocurrency met the definition of real cash and thus refused to dismiss two charges related to Anthony Murgio alleged operation of Coin.mx.
In other news, the reputable tech website Tech Crunch has published an article explaining how the blockchain would grow beyond the Bitcoin, while the founder of Bitcoin Suisse claimed that EU banks would soon offer Bitcoin wallets.
Finally, possibly one of the most amusing pieces of information today was the one announced by the company Accenture. Namely, the company has been working on an editable blockchain, which should be available only in permission blockchain systems such as ones used by private businesses or governments.