It seems that each week there’s something interesting to report from the Bitcoin world. A week ago we wrote that the cryptocurrency was featured in a leaked Mr. Robot episode and today the Bitcoin was mentioned by a popular UK singer and song writer. Namely, Lily Allen has tweeted to her 5.8 million followers that the Bitcoin was more stable than the pound. This is a great success for the cryptocurrency, being recognised by such a well known and respected figure.
This isn’t the first time for Allen to mention the Bitcoin; back in 2014 she revealed that she declined an offer to live stream a concert for “hundreds of thousands of Bitcoins” whose value at the time was a few hundred pounds. If she took the coins then, her fortune several years later would’ve been at least £118 million i.e. almost 20 times the £6 million she was worth back in 2014.
However, if we put aside this amusing tweet and focus back on the price and more serious talks, we can see that the value per coin has dropped a bit, just like we predicted two days ago. The volume has further decreased and the indicators are sending a sell signal; hence, price improvements shouldn’t be expected at this time.
Bitcoin Trading at $670; Price Jumps Seem Unlikely
The Bitcoin has been generally stable in the past few weeks. There’ve been rarely any drastic price changes and its value most of the time has been moving between $660 and $670. On Monday we noted an increase when the $680 mark was almost hit, but today the cryptocurrency is back at $670. In the past 24 hours we can see a daily low of $664.80. The highest value per coin hit during the same period was noted early morning and its value was $670.99. The overall price change has been -0.06%.
The market cap holds a value of $10.56 billion, which seems to be the standard ever since it breached the $10 billion mark. The volume, on the other hand, is a reason to worry since it went further down at $59,724,700. With such a low volume price improvements seem highly unlikely.
The thesis is supported by the technical indicators considering the fact that the majority are sending a sell signal. There are, however, five neutral and two pro-buy indicators. On the other hand, all moving averages are pro-buy; however, this can’t be taken too seriously at this time.
Russia to Allow Buying and Selling Bitcoin Abroad
We know that Russia isn’t that open to Bitcoin and other digital currencies. The country has been a strong opponent of the cryptocurrency and even tried to pass a bill that included jail time for those using Bitcoin. However, the Russian Minister of Finance announced that the financial regulator of the country was approving changes to the bill, which would still make the currency illegal within Russian borders, but allow its use as a foreign currency.
Finally, we would like to point out that as the race to offer the first Bitcoin ETF intensifies; EtherIndex LLC pursued the opening of Ether ETF. Traders probably know that Gemini and SolidX are both trying to launch the world’s first Bitcoin exchange-traded fund, but they may soon get competition by EtherIndex, a company that works with Bitcoin’s main rival – Ethereum.