The price of Bitcoin saw a significant change in the past two days since our last update, during which it stayed closer to the $570 than the $580 mark of two days ago. The biggest price drops were seen on Saturday, after the Bitcoin Volume dropped down by almost three quarters since Friday (when it was $147,461,000) to $32,758,200. The large volume drop caused a steep drop in the price, which has been steadily recovering during the past days and is now stabilizing around the $575 mark, the current value being $574.8.
Apart from the sudden price change, the headlines in the Bitcoin world this week were filled with the release of a new Bitcoin miner model by Bitmain, called Antminer R4, which is to be their second most powerful model after Antminer S9, as well as the crackdown on darkweb criminal activities and seizure of cash and Bitcoins in Finland and Germany.
Price Slowly Recovering after Drop
Following the substantial change in volume after Friday, the Bitcoin price once again fell down to the $570 mark, but has since begun to move upwards, with the past 24 hours seeing an increase of 0.40%. The lowest point was on Saturday, when the value reached $571.48, while the highest was observed today and was $576.16. The price fluctuations were normal considering the level of transactions that occurred during the weekend, as indicated by the volume changes.
Currently, the value is set on an upward course and is stabilizing, following the increase in volume in the past 24 hours during which its value almost tripled in quantity and is now currently at $97,528,700, while the current market cap is set at $9.1 billion.
Our technical analysis shows that the current signal is neutral, even though it’s slightly leaning towards buying. The majority of technical indicators are at a neutral level, with only STOCHRSI(14) and the Ultimate Oscillator sending a selling signal and only 4 out of 12 indicators suggesting buying- the remainder being neutral. Similar conclusions can be reached by observing the moving averages, which are equally split between buying and selling and thus suggest that, currently, remaining steady is advised. As always, a lookout for sudden changes is wise as the market can fluctuate within the hour.
A Crackdown on Darkweb Organizations in Europe
This week proved very successful for authorities battling darkweb criminal organizations in Europe, as two separate police actions in Finland and Germany ended in triumph for the police authorities. The reports from the first raid were published this week by the German Central Office of Cybercrime, who announced that they have seized a Bitcoin wallet with over $400,000 worth of the cruptocurrency along with large amounts of cash and drugs from a four-man criminal group. The second operation happened in Finland, where the Customs Department uncovered the largest drug trafficking ring in the country and seized a substantial amount of cash, narcotics, and an unspecified amounts of Bitcoins that were earned by selling and delivering drugs through a virtual online store.