The price of Bitcoin saw a significant drop from our last update two days ago, especially during the previous day when during the afternoon hours the value was fairly lower than the $580 mark where it remained for the past week, but the current situation is once again stable.
Apart from the price fluctuation, the Bitcoin world was met with other interesting news this week as the Sandia National Laboratories at the US Department of Energy Research have joined the never-ending war on Bitcoin user privacy. The researches at the laboratory have created a graphical user interface that can be used by the Department of Home Land Security for testing algorithms in the investigations surrounding Bitcoin abuse that Sandia have been making. Andrew Cox, the project leader, says that the final goal is to repair the reputation of Bitcoin as a “tool for criminals”
Price Stable after a Significant Drop
During the past 48 hours, the price of Bitcoin briefly dropped close to the $570 mark, but following the 3 hour slump it went on an upward path and increased for 0.58%. As of now, the value seems to be set on a more stable course, with the current price being $577.34. The day’s lowest point, as was recorded by our price chart, was $572.85 while the highest was $579.49.
The price fluctuations have also affected the market cap, which is currently at $9.17 billion, while the current volume is $133,917,000 – an almost two-fold increase over two days ago when it reached $75,254,300 and a major improvement from the beginning of the week, which is normal considering the price drops, but also suggests that the value will remain stable, for now.
The same conclusion can be reached by examining the moving averages and technical indicators which send a buying signal. Out of 12 moving averages, only 2 (simple MA-5 and MA 100) are pro-sell, while the remaining 8 are pro-buy. A similar summary can be seen from the technical indicators, where 11 out of 12 indicators send a buying signal. Of course, these numbers show the current state, so a close monitoring is advised.
China’s Number One Search Engine Removes Bitcoin Ads
Without any previous warnings, Baidu – the leading search engine in China – has decided to discretely remove any Bitcoin-related keyword ads from its search results to the surprise of Chinese Bitcoin exchanges. The decision comes shortly after Beijing authorities ordered the company to clean up their advertising business following the scandal with illegal gambling ads that found themselves among search results during specific hours.
However, experts agree that this change in perspective was also due to reasons other than ensuring the security of Baidu’s users. The Chinese government has long considered Bitcoin as a currency that is not “real”, while the People’s Bank of China has been thus far researching the possibility of introducing its own virtual currency. This leads many to believe that Baidu’s freezing of Bitcoin ads, which was prompted by the official authorities, is one way to ensure Bitcoin doesn’t secure a strong grip over Chinese markets.