On Wednesday the world’s most popular cryptocurrency went over $460 and boosted hopes that the Bitcoin has the power to finally reach $500 again. However, today its value is back at $450, with most of the time spent at even lower $445.
During the course of the past two days there were also some interesting happenings in the Bitcoin world that certainly deserve traders’ attention. A huge market announced to officially ban using Bitcoin within its borders, whereas a tech giant officially started accepting Bitcoin payments. Plus, a popular exchange made purchasing coins with a debit card a real option on its platform.
Buy Bitcoin with a Debit Card at Coinbase or Pay with it for Steam Products
As we already mentioned in the introduction, there were both some good and some bad Bitcoin related news. We would like to first mention the negative one, which comes from Bitcoin’s nemesis – Russia. Namely, today Quartz reported that the Russian Finance Ministry was preparing a legislation that would earn Bitcoin users a fine up to $38,000 or up to 7 years in jail. Depending on whether you’re a casual user or a manager of a financial institution, the exact fine could go between $7,800 and $38,000 or 4 and 7 years prison time.
On the positive side, well-established Bitcoin exchange Coinbase is finally letting its customers instantly buy Bitcoin with a debit card. This is great news for those that don’t feel comfortable with linking their bank account or credit card with a Bitcoin exchange. Finally, the last piece of information that will get you excited is that Steam now officially accepts Bitcoin payments. We mentioned that the game network was planning to add Bitcoin as a payment option in one of our recent posts and the reason for this was, reportedly, making their products easily accessible to users from countries like China and Brazil.
Currently Trading for $450; Indicators Signal Traders to Buy
The volatility of the Bitcoin today has been high with the currency constantly moving up and down for several points. At the moment of this writing the trading price was settled at $450.40, but most of the day it was seen around $445. The highest value seen before the $450 was hit was $448.39, whereas the day’s low was $444.22.
Alongside the price fell the market cap as well. Two days ago we saw it over the $7 billion threshold, but today it went under the mark and settled at $6.96 billion. The volume in the past 24 hours had a value of low $45,904,100, perfectly reflecting the situation on the chart. With this low volume, the price is unlikely to move, especially not in the positive direction.
In terms of technical indicators and moving averages, it can be said that the Bitcoin’s future should be bright. Both send a strong buy signal and predict price improvements. However, even though a total of 10 indicators and seven averages are pro-buy and only one indicator is neutral and five averages are pro-sell, we can’t say for certain that the price will increase. Considering the low volume, this signal shouldn’t be taken for granted and traders should wait for a stronger indication of price growth before they invest in the cryptocurrency.