31
Oct

Bitcoin on a Roll? Swiss Railways Start Selling It

For the first time in months, the price of Bitcoin went briefly over the $710 mark, instilling a new hope for Bitcoin users. With sellers picking up the pace on Sunday, it seemed that a push below the support line was in order, but the bull pressure persisted and kept the price close to the $690 mark. However, the current winds taking over the trading market hint at a different direction.

In other news, New York companies waiting for a BitLicence from the Department of Service (DFS) might be facing difficulties now that the financial regulator has had a change of staff. Only last year the regulatory body introduced digital currency regulations which allowed for digital currency companies to exchange and hold Bitcoin funds – a move that was hailed as trendsetting in the US state.

However, after the chief advocate and head of department Benjamin Lawsky left the DFS and other staff members soon joined him, New York companies have remained stuck in a regulatory “limbo”. Thus far there have been only 2 license approvals with 15 more still pending, according to the CNBC, leaving most companies to wonder as to the future of the regulatory process.

Sellers Taking Over the Market

This weekend was one of the busiest weekend for Bitcoin traders, as the trading volume showed an increased interest that even reached 140 million at one point. The high volume was accompanied with a rapid price increase that took the value up to $716.49 on Saturday evening, only to be taken down by buyer pressure to $694.79 the next day. Since then, the price has remained close to the $690 range, with minor fluctuations. But with a relatively high trading volume of $96,207,300 and a change in trends, whether Bitcoins will once again break into $710 remains a valid concern.

As our technical analysis shows, the trading market is currently pro-sell.  The SMA100 is still over the SMA 200, indicating a low resistance to the upside, but it seems that bearish pressure is returning to the market. This can be confirmed by our technical oscillators, 5 of which send a selling signal while 3 remain pro-buy. The moving averages show a similar picture, with 9 out 12 averages being pro-sell.

It looks that, for the time being, we are looking at a consolidation near the $700 mark, as long as the selling pressure doesn’t continue. If it does, it might push the price back towards $680.

Bitcoins to be sold in Swiss Railways Stations

Starting November 11th, Swiss citizens will be able to buy Bitcoins from railway ticket machines by exchanging their francs, the BBC reports.  The purchase of Bitcoins is being introduced as part of a two-year project by the Swiss national railway service, the SBB, who conceived the idea after testing out the demand for Bitcoins by their customers from across the country.

For this purpose, the SBB has formed a partnership with financial company SweePay who will be in charge of the conversion. The SBB currently has more than 1,000 ticket machines that operate 24/7 – a network which they believe is suitable for more than just selling tickets.

The limit of a single transaction will be set at 500 Swiss Francs, which given the current BTC to CHF conversion rate is a fractional amount of Bitcoins, and all buyers will have to provide their phone number for ID purposes before they can buy their Bitcoins. Some believe this will alleviate the problem of high transaction fees that Bitcoin users in Switzerland have been so far facing.

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