The middle of the week is already here, but there aren’t many important changes in the world of Bitcoin trading. The trading market and the value seem to be stuck in a stale position for now, with the current value being unremarkably different than two days ago and the fluctuations being similarly minor and within a ± $1-2 range. At present, the value is slightly below the $610 mark and amounts to $608.23.
In other news from the Bitcoin world, Bill Gross, the billionaire manager of bond fund The Janus Capital Group, has turned against the policies of financial institutions like the European Central Bank and the US Federal Reserve in his Monthly Investment Outlook published yesterday on the fund’s website, in which he criticized the institutions and suggested Bitcoins as a viable higher returning and less risky investment alternative.
His main concern is that the never-before-seen low interest rates offered by these institutions are creating trillions of dollars in negative-yielding bonds which may drive investors to turn to finding other not-standard financial commodities. In his post, he also compares bankers to casino gamblers who rely on the Martingale System, which he believes cannot possibly work in the long run.
Bitcoin Remains Stable Near $610
During the past 48 hours since our last update on Monday, the value of Bitcoins has remained virtually unchanged and circulating very closely to the $610 mark. The highest value was reached on Monday afternoon when the price went up to $610.6, while the lowest was recorded today morning at $609.7. The minor fluctuations coincide with the stability of the past week which wasn’t particularly eventful.
The lack of changes is reflected on the market cap as well, which still remains at $9.7 billion. On the other hand, during the past two days there has been a steady rise in volume which started on Monday afternoon, the current value reaching $56,362,800. As traders already know, volume increases suggest further price increases, which considering the technical analysis will be minor.
As the technical indicators suggest, the current trading situation is strongly pro-sell, with 9 out of 12 technical indicators sending a selling signal, 2 remaining neutral and the Williams %R indicating that the Bitcoin is being oversold. The same conclusion can be reached by examining the moving averages, all of which are pro-sell, indicating that there is currently a selling trend in the Bitcoin trading market.
The current trading situation is suggesting at possible minor increases, but as always, a close monitoring of the market is advised.
Ukraine Shows Interest in Bitcoins
The recent Blockchain and Bitcoin Conference in Kiev, Ukraine saw a strong audience turnout from Ukrainian locals, suggesting a high interest in the cryptocurrency in the financially unstable country. One of the key speakers at the Kiev conference was Max Krupyshev, the COO of the London Bitcoin wallet and exchange service Cubits, who also spoke of the immense challenges the currency is facing in the country.
Krupyshev noted that the audience was very engaging and willing to learn more about the technology surrounding the currency, which together with the successful turnout was a clear reflection of the country’s interest in Bitcoins – a trend that is mostly likely due to the recession which took down the value of the national currency by 70%.
Krupyshev also noted some of the challenges Bitcoins are facing in Ukraine, like the facts that the legal status of the currency is yet to be defined and the venture capitalist still having outdated beliefs when it comes to investing in digital companies.