Bitcoin Value Jumps as Russia Proposes a 7-Year Jail Sentence for Bitcoin Activity

If you remember our last post, you may know that almost everything was pointing that the Bitcoin would fall in the days to come. However, if there’s something we know about our favourite digital currency is that it’s full of surprises. Therefore, only two days after settling around $410, the Bitcoin jumped over $420.

In addition to the unexpected increase in value, there’ve been some interesting events too. Therefore, we will focus on the latest happenings in the Bitcoin world first and then move on to the situation on the price chart.

A 7-Year Jail Sentence for Those Using Bitcoin in Russia?!

Well, there’s definitely nothing as scary for the Bitcoin and its reputation as Russia’s plan to impose a 7-year jail sentence for those using the digital currency.

Despite the fact that the Russian Ministry of Finance has blocked numerous Bitcoin websites and has a negative stance on the topic, the proposed jail sentence came as shock to everyone nonetheless. Additionally, some other proposed penalties by the Ministry include a 500,000 Ruble fine for individuals and double that amount for companies or groups of people handling the Bitcoin.

On the positive side, the reputable Science Magazine dedicated a whole article explaining why criminals couldn’t hide behind the cryptocurrency. The educative text reveals that tracking Bitcoin transactions is possible and, surprisingly, when someone’s caught doing illegal stuff using the cryptocurrency thanks to the blockchain their whole criminal history is recorded and easily tracked. Thus, we can conclude that the main argument against the Bitcoin can now be considered busted.

Another reputable portal that wrote about the Bitcoin was Forbes whose analysis focused on the cryptocurrency, the blockchain and decentralised conglomerates. It’s a really good read, especially if you’re interested in stuff like that and we highly recommend it.

Price Chart and Technical Indicators Overview

Let’s check out the Bitcoin price chart and the signal from the technical indicators. First, we would like to point out that the current trading price is $421.28, which is much better than the value of $411.36 noted on Wednesday. The price range in the past 24 hours is between $411 and $422.14. Therefore, it’s easy to conclude that the price started to grow very recently and it successfully maintains that movement for many hours now.

In terms of market cap and volume, both segments have jumped alongside the price per coin. Therefore, the market cap today is set at $6.48 billion, whereas the volume is $89,607,100. In comparison, two days ago the latter’s value was $61,235,400. Thus, we can hope that this increase in volume announces some additional price jumps during the weekend. The volatility doesn’t seem to move up and down significantly these days; today its value is 45.55%.

Finally, all of this today brings us to the technical indicators and moving averages that send a strong buy signal this Friday. Once again we can notice the majority of the indicators (RSI, MACD, ROC, highs/lows and four more) suggesting that traders should purchase coins. Only three are neutral and show that the cryptocurrency is being overbought.

Similarly, all 12 simple and exponential moving averages are pro-buy at the time being. If we take everything written into account, it’s safe to guess that the Bitcoin will continue to grow. We’ve been patiently waiting for the bulls to take lead and possibly this is the right time for that to happen.

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