The world of Bitcoin has remained fairly uneventful since our last update on Friday when the trading price was stuck around $605. But the good news is that the weekend brought a price increase that saw the value climb briefly above the $610 mark, around which it has remained for the past 24 hours.
Other news from the Bitcoin world include the extension of the Money Transmitter Act in North Carolina, which will now bring new regulations to Bitcoin traders. The new definition of digital currency in the act now extends over Bitcoins as well, which means that Bitcoin traders will have to comply with North Carolina’s money trading regulations in the future.
The regulations stipulate that Bitcoin traders will have to apply for a license from the government, whereas miners and certain services by blockchain software companies will not require one. And apart from the license, Bitcoin traders will also have to apply for a money transmitter bond with a variable costs that’s appropriate to the trading volume of the service.
Bitcoin Price Remains Unchanged
After the breakthrough on Saturday, when the Bitcoin value started climbing upwards from the $605 mark, the price has remained nearly solid for the last 48 hours, despite the drop in volume. The highest recorded value was recorded today morning when the price reached $610.12, while the lowest price of $605.4 was recorded on Saturday.
The price increase was accompanied by a minor increase in the market cap, which during the past 24 hours has reached $9.73 billion. However, what did change significantly during this period was the market volume, which dropped considerably from $51 million to the current value of $37,926,400. As always, drops in volume hint a selling trend that could take the price down a bit.
The technical indicators and moving averages also suggest that further price increases are less likely, as the overall signal across all indicators is pro-sell. Out of 12 technical indicators, 7 indicate a selling trend, while only 1 indicator is pro-buy and the STOCHRSI (14) even indicating that the Bitcoin is oversold. The same conclusion can be reached by looking at the moving averages, 8 of which send a selling signal, while only 4 remain pro-buy. As always, a strong lookout for changes is advised as the situation can change within the hour.
Winklevoss Twins Expand Bitcoin Business in Asia
Gemini, the New-York Bitcoin exchange founded by the Winklevoss brothers has just announced the expansion of the company’s operations in the Asian Market. According to the official blog update from the company, the new areas where they’ve expanded are the Republic of Singapore and the Hong Kong district.
As of October 2nd, users from these areas will be able to trade Ether and Bitcoins by using the Gemini exchange service. The currencies open to the trading services will be BTC, USD, and ETH, and users will also be able to use a new feature called Daily Auctions that will allow the execution of large trades with OTC trading quantities.
According to Cameron Winklevoss, co-founder and president of the Gemini exchange, the company will also be opening operations in other areas as well as enabling SGD and HKD order books soon.