It’s interesting to note that four Mondays ago the fact that the cryptocurrency was close to reaching $550 was huge news. Why is it so interesting? Well, today the number we talk about when mentioning the value per a single coin is drastically better $750. This shows that in 28 days the price of the world’s most popular digital currency went up for around $200 and that’s awesome for those that didn’t lose faith in the Bitcoin.
The peaceful front on the chart, for now, is perfectly reflected by the situation in the world when it comes to Bitcoin-related news. There are only a few articles that are worth mentioning, such as the one that reveals that a Change.org petition tries to persuade Walmart to accept Bitcoin. Even though at the moment there are 67 out of 100 needed supporters, it’s not clear whether reaching the goal would actually have any effect. Nonetheless, we believe that such initiatives always bring positive attention to the cryptocurrency and we send regards to those that thought of this innovative way of bringing Bitcoin to your favourite place to shop.
Bitcoin Hype Draws Attention to Blockchain; Australia Winning Big of the Price Surge
A thing we wanted to point out, but the reputable journal Financial Times kind of highlighted it first is the fact that the hype surrounding the Bitcoin has been drawing attention to the blockchain. The article reveals that Cambridge University plans to offer courses to executives regarding the innovative technology. Cool, right?
Talking about the recent price improvement of the Bitcoin, we must mention how this positive change will positively affect Victoria’s budget; it turns out that its Department of Justice and Regulation is selling a total of 24,518 Bitcoins that were seized back in 2012. At the time, the value of the coins was “only” $451,100; however, after the incredible success the cryptocurrency had, today the coins are worth over $18 million, meaning Victoria and Satoshi Nakamoto are possibly the biggest winners of the recent price jump of the Bitcoin.
Price Unable to Go over $760 Again; Volume Declines
A look at the price chart reveals that at this time the Bitcoin is unable to go over $760 again. The current trading price of the currency is $745.37, while the lowest value seen in the past 24 hours was $740.16. However, the number that supports our previously mentioned thesis is the day’s high of $755.63 that shows how the Bitcoin didn’t manage to break the $760 milestone even for a second.
Its stability, however, had a positive effect on the market cap; the capitalisation kept its strong value of $11.82 billion despite the low price decline. The volume, on the other hand, has decreased quite a bit and its current value is $124,818,000. With a volume like this it’s unlikely to see price improvements.
Even the technical indicators are now sending a sell signal, whereas the moving averages are in the neutral territory. A total of four indicators are, nonetheless, suggesting that traders should buy. Therefore, neither option can be excluded for certain; however, we believe that it’s more likely for the Bitcoin to remain at its current position or even drop a bit rather than grow.