Bitcoin Price Stable; California Shelves Digital Currency Legislation

Following a week of fluctuations, Bitcoin once again remains stable around the $580 mark. Only last Monday, the cryptocurrency reached a fairly low value of $564.48 – a major drop from the week before when the value stayed at the $600 mark for a brief period of time.

This week, there aren’t many changes in the world of Bitcoin that would affect the price of the currency and for now its value is set on a course of minor fluctuations and looks as though it will continue to rest steadily around $580 for the remainder of the day.

The only major drop we might see soon is in ransomware attacks, as the CEO of the Bitcoin-tracing startup Chainanalysis issued a statement three days ago saying that ransomware criminal organizations should expect to see more arrests in the upcoming days.

A Minor Drop but the Price Remains Stable

By analyzing the price fluctuations in the past 24 hours, we can conclude that the price remains stable and nearly unchanged, as the value only dropped for 0.44% during the past day. This is an improvement over two days ago when the price dropped to $571.79, but not that big of a change considering the past 48 hours, during which the value remained closely similar, with the highest price per coin being $582.45, whereas the lowest reached $579.15, as can be noted in our price chart.

The volume remains on the downward course it set on this week and is currently at $37,405,000, which is even lower than two days ago when it was nearer to $50,000,000, suggesting that we won’t see any major fluctuations in Bitcoin price soon. Of course, trends change within the hour so a close lookout is advised. The current market cap is also fairly unchanged and has a value of $9.19 billion.

The technical indicators and moving averages support the low volume of the currency and send an overall strong sell signal, with 6 indicators and 4 averages being pro-sell, as opposed to only 2 of each being pro-buy, as well as both the STOCHRSI(14) and Williams %R indicators specifying that the currency is oversold.

However, as always, these numbers only reflect the state of the market at the current time of writing, so make sure you monitor the fluctuations closely and plan your strategies accordingly.

California Bitcoin Legislation Sidelined

California’s Bitcoin legislation was postponed for the second consecutive year, as lawmaker Matt Dababneh removed it from consideration following a number of meetings with consumer organizations and experts for virtual currency. According to his statement, Dababneh considered the bill to be short of meeting “the objectives to create a lasting regulatory framework” that would protect the consumers and permit the digital currency industry to flourish in the state.

The vague definition of what exactly is implied by a digital currency business and the registration requirements played the key roles in the bill’s rejection, but also the opposition of the legislation by the Electronic Frontier Foundation. The bill will remain on the shelves until January it seems, when the Assemblymember plans on continuing his discussions with the concerned stakeholders.

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