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Bitcoin Stable over $580 as Australia Reveals Drastic Regulating Measures

The Bitcoin seemed to be stuck between $600 and $700 several weeks ago, when the infamous hack attack of Bitfinex finally made it move and change its position. Unfortunately, the move has been negative and the price per coin at one point fell around $520; today, we can see that the cryptocurrency has, once again, stabilised after reaching a value a bit over $580.

Now, as the aftershock of the disastrous event that cost Bitfinex customers 36% of their money, since the exchange decided to cover the loss by sharing it across all users regardless whether their account has been breached or not, the Bitcoin has yet another battle to fight. Once again the cryptocurrency have to regain traders’ trust and possibly start reaching new price highs.

Within days from the hack attack, the Bitcoin managed to grow and improve its position on the market. All eyes are now focused on the $600 mark and wait for it to be hit, while Megaupload’s well-known owner Kim Dotcom set the hopes high by predicting a price of $2,000 by 2017.

Price Once Again Goes over $590 and Falls under Within Hours

As you can see on the Bitcoin price chart featured on our website, the price consolidated its powers and started moving towards $600 again. However, it only managed to reach a 24-hour high of $592.56 and within hours it was down under $590 once more. The current trading price of $586.03 is, for now, the day’s lowest point considering the fact that most of the time the cryptocurrency was moving aroung the $590 line. This latest change in price noted a 0.15% improvement during the last 24 hours.

Even the volume has improved a bit in comparison to the value recorded two days ago. Today, the 24-hour volume is $89,217,100, meaning that further price movements shouldn’t be excluded altogether. The market cap remains strong over $9 billion and it’s virtually unchanged from Monday’s $9.29 billion.

However, with a slightly improved volume and a mixed signal by the indicators and the averages, we can’t really say neither if the price will certainly change its position nor where it will head. The technical indicators are rather confused with three of them being pro-buy, four being pro-sell and the rest four being neutral. The averages, on the other hand, send a buy signal with eight of them suggesting the price will improve.

Measures for Securing Bitcoin Exchanges are Needed; Australia Prepares Drastic Regulating Measures for Bitcoin

After taking a closer look at the price of the world’s most popular cryptocurrency, it’s only right to check out some interesting Bitcoin related news. The first one to catch our eye is Nasdaq’s article on how measures for securing Bitcoin exchanges are needed. The text highlights the importance of making the cryptocurrency safer and more reliable by exchanges employing payment channels, using cold storage of funds and even Bitcoin vaults.

Finally, Australia revealed plans to regulate Bitcoin and other digital currencies under anti money laundering and counter-terrorism laws. According to reports, this type of payment methods was posing an emerging terrorism financing risk. If the regulations are passed, they will be a hard blow to the Bitcoin and its reputation.

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