Bitcoin has given us one hell of a ride in the past two weeks. Everyone expected for the cryptocurrency to grow in 2016, but was disappointed with Bitcoin’s underperformance. However, two weeks ago the fan favourite currency started growing and hit the $500 mark, just to keep moving upwards reaching $580.
Today, we can say that the Bitcoin has finally slowed down and stabilised above $570 with a current trading price of $578.68. However, the seemingly boring situation on the price chart is more than compensated with numerous interesting Bitcoin-related events that could either result in further growth or a doomsday scenario for the cryptocurrency. Namely, the Bitcoin has found love in one country, but possibly faces ban on European territory.
Turkey Sees Increased Bitcoin Trading Volume; French Party Front National Wants to Ban Bitcoin
Who could have guessed that the misunderstanding between PayPal and Turkey would turn out to be a positive thing for the Bitcoin. Namely, the digital payment service announced that it would exit the country after the Turkish Banking Regulation and Supervision Agency denied its payments license application. The move obviously opened an opportunity for the cryptocurrency and the country’s largest Bitcoin exchange noted a significant increase in volume after the PayPal news hit the public.
In a separate event, however, Bitcoin learned about a new possible threat coming from France. Turns out that the right-wing party Front National (FN) believes that digital currencies damage the traditional financial system and therefore they should be banned from French and Europe. If they manage to get into power they promised that only one currency would be legal at a given time.
Finally, a very interesting article was published by the Observer which focuses on the possibility of creating FedCoin by the Federal Reserve. The text explains how a FedCoin would be kind of a national digital currency whose worth would be the same as the worth of the legal currency. Even though the text isn’t directly related to our currency of interest, it still highlights the possibilities the Bitcoin has opened when it comes to fast and safe transactions of funds.
Bitcoin between $570 and $580; Still a Strong Buy Signal by Indicators
Even though two days ago the majority of the indicators suggested that the price may continue its growing trend, today we can see that the cryptocurrency has stabilised between $570 and $580. The overall change in value in the past 24 hours has been negative 1.29%, with the day’s high being $585.23 and the low only $563.20. However, in the past hour the Bitcoin has been gaining on worth and it may grow during the course of the day.
This claim is supported by the increased volume that reached $99,138,500 compared to Monday’s $72,996,700. The market cap remains over $9 billion with an exact value of $9,022,079,668.
When it comes to the indicators, they’re still quite positive and send a strong buy signal. Truth be told, there’s been a shift in values. Hence, now only five technical indicators are pro-buy, whereas other five are neutral. Today we even can spot one pro-sell indicator.
Similarly, unlike Monday’s situation when all 12 moving averages were sending a strong buy signal, today we can spot that the 50-day SMA is sending a sell signal instead. Nonetheless, the general recommendation to traders is to invest in the Bitcoin and expect further jumps in value.