At the end of the week, the Bitcoin price is slowly climbing from the downward course observed yesterday, when the value dropped after slightly exceeding the $575 mark. Currently, the value is coming close to the $575 mark again, with a 0.07% overall increase during the past 24 hours. The current situation of the market indicates that the trend is inclined towards buying.
In other news, Rock it Coin, the largest Bitcoin ATM operator in Chicago has recently announced that they are expanding their network to include four more Bitcoin ATMs. Two of their new ATMs were installed in Chicago, making the city one of the largest Bitcoin ATM centers in the US. So far, their expansion was met with both praise and criticism of becoming a monopoly.
Bitcoin Rising Towards $575
During the past 48 hours, the value of Bitcoin saw some minor fluctuations, but remains relatively unchanged since our last update. The current price is $573.50, which is an improvement over the early morning price. The highest value was recorded yesterday, when the price climbed several points and reached $575.64, only to drop today at $570.53.
Looking at the volume, the situation remained fairly consistent throughout the past couple of days. As of now, the volume is at $63,284,700, indicating a selling trend that began yesterday and slightly affected the price. The market cap, as of now, is $9.08 billion.
Turning to our technical analysis, we can observe that the current trading situation is inclined towards buying. Only one technical indicator, MACD(12,26), is pro-sell, while 7 send a buying signal. Considering that the moving averages are equally split and thus send a neutral signal, we can conclude that the overall trend is pro-buy and further price increases are possible. As always, a strong lookout for changes is advised.
Lord Voldemort to the Rescue of Bitcoin
After the turbulent period that followed the Bitfinex hack, the stability and security of Bitcoin was once again in question. The attack on the Bitcoin exchange inflicted a massive damage to both the exchange and the currency, which dropped below $530 following the theft. But recent news show that the outcomes were not all negative.
Shortly after the attack, an anonymous user called Tom Elvis Jedusor – the French version of Harry Potter’s arch-nemesis – posted a paper online describing a new crypto-protocol that could change the privacy of the currency and make it more scalable. The proposal was aptly named “Miblewimble”, after a tongue-binding spell from the Harry Potter novels. The anonymous poster chose this name because his protocol would prevent all the user’s information being leaked out from the blockchain.
The white paper was posted on a Thor hidden service site, which was taken down shortly after, making the tracking down of the host’s name or address almost impossible. But despite the mystique and magical references, the white paper has been said to have the potential to improve Bitcoin by the changes it proposes when it comes to scalability. The currency has been thus far plagued by the limits of transaction numbers it could handle at a time, and “Miblewimble” proposes a solution to that problem.