It was just a matter of time to see the Bitcoin going below $410. The cryptocurrency has been struggling lately to keep its position, but it never seemed strong enough to do that. Even though once or twice it did grow ever since 2016 started, this year for now has been generally negative. So, if by the end of last week, more precisely on Friday, the price was around $414, today we can see the value per coin has fallen at $408.
Even though this last price decrease isn’t surprising at all – quite on the contrary we’ve predicted it in our last post – it’s still disappointing to witness how the Bitcoin is slowly losing its worth without any signs that it will get better anytime soon. However, we finally have some good news that may be a good foundation for the cryptocurrency to gain a big number of users thanks to some announced legislation changes in Australia.
Australia to Cut Double Taxation on Digital Currencies
Australia’s Treasurer Scot Morrison revealed that the country plans to cut double taxation on digital currencies and to ease restrictions on crowdfunding. These measures are part of the government’s plan to boost the fintech sector. This is obviously great news because Australia has been lately turning its back on the Bitcoin and with these measures the currency may become popular among the country’s citizens once again. The more people use it the better. Thus, hats down to Australia and its plan; hopefully we’ll see it become reality very soon.
Believe it or not, this Monday there is more than one good event. The second one comes from another island, but this time it’s the United Kingdom. London-based Elliptic is a technology company that claims to be able to spot suspicious Bitcoin deals. The amazing thing about the entity is the fact it managed to raise approximately £3.5 million ($5 million) in funding. This shows that Bitcoin businesses are far from over, plus it can help improve Bitcoin’s reputation as a tool used for money laundering and funding terrorists.
Volume Falls; Indicators Send a Strong Sell Signal
So, even though the news has been positive, the price completely ignored it and fell. The current trading price per Bitcoin is $408.73 The change is more than noticeable, especially if we consider the fact that on Friday the cryptocurrency reached a high of $418. These numbers show that within three days the Bitcoin has lost around 10 points of its total worth.
The price range of the past 24 hours reveals a high of $412.62 and a low of $408.36. At times the value moves up and then goes back down; thus, it’s obvious that stability isn’t something the Bitcoin can boast with at the moment. The volume has fallen at $50,062,000 and the market cap decreased as well reaching $6.31 billion.
Last Wednesday the indicators were sending a strong buy signal. Then, their stance changed on Friday and there were split views on whether trades should buy or sell. Today, the situation is once again pretty clear with a strong majority of indicators and averages sending a strong sell signal. If we rate the situation with their help, the price is definitely going to fall. However, with the low volume, it’s the most likely not to witness any drastic changes in the days to come.