Great news for Bitcoin traders this week, as after two weeks of the price being stuck between $570 and $580 the value of the cruptocurrency has increased for more than 20$ during the weekend. Currently the value is slightly above the $600 mark – an increase which hasn’t been noted since the beginning of the month, prior to the market crash that followed the Bitfinex hack.
The rise was predicted to come later this month, but after news hit a couple of days back that Bitfinex were making the first efforts to compensate the loses inflicted by the hack the price jumped almost instantly during Saturday. The general trading trend is, as of now, strongly inclined towards buying.
Other interesting news that the Bitcoin world was greeted with this Monday is Russia’s freezing of the draft legislation which was to make Bitcoins illegal in the country. Russia’s Deputy Finance Minister, Alexei Moiseev, has issued a statement saying that the reason for putting the law on hold is because the government needed to make further investigations with the help of Bitcoin experts, as to not impede the “innovation in the cryptocurrency and blockchain sector”.
Bitcoin Price Jumps above $600
For the first time in several weeks, the price of Bitcoin saw a major increase when it suddenly went up by $27 on Saturday, surprising both traders and analysts as it went. The sudden increase was in accordance to the predictions of a bull run this month, yet it came much sooner than expected. The lowest point since our last update was noted to be $573.75, while the highest came Sunday afternoon when the price jumped to $611.80. The current price is $606.24.
The price rise was accompanied by a jump in market cap as well, with the current value amounting to $9.6 billion – a 6 point increase over two days ago when it was $9.08 billion. On the other hand, the volume hasn’t changed as drastically and is currently at $87,652,300.
Traders who were hoping for a sustained increase will find the current trading situation positive, as the overall signal is a strong buy across all indicators. Out of 12 technical indicators, 9 are pro-buy, with only ROC sending a selling signal and ADX(14) remaining neutral. A similar situation can be observed in the moving averages, all 12 of which show a buying signal. For the time being, the price is stabilizing towards the 600$ mark, but, as always, a close look out on the price chart is advised.
Bitfinex Gives First Reimbursement to Hack Victims
Bitfinex, the Bitcoin trading exchange that made the headlines this month with the hack attack that left the service without 120,000 BTC, announced several days ago that they are taking the first steps towards reimbursing the users who fell victim to the infamous hack.
According to their announcement, they have redeemed %1.1812 of the BFX debt tokens the exchange issued to users as a way of redemption. The tokens were bought at 1$ each – approximately double the market value at the time of redemption.
Even though this is a minor step in covering the massive loses, the redemption served as another proof of Bitfinex’s will to give back to their users. The tokens were issued earlier this month as a two-way compensation, since the users who were given tokens could either swap them for equity in their parent company or redeemed, and at first were met with doubt by the damaged user base.