World’s most popular cryptocurrency, the Bitcoin, was supposed to rise above the $1,000 threshold and attract the attention of traders and experts worldwide. However, that plan for 2016 not only has been put on hold, but we may also forget it altogether considering the fact that the halving event didn’t have the expected effect on the currency.
The Bitcoin has been struggling to progress for quite some time now, but all it manages to do is move up and down the price chart. Depending on how you see the situation, the currency has noted a considerable jump in the past three months with a value of $440 back in May or it has dropped in the past week with a value of $670 on 20th of July. Its current trading price is $653.61, reached right after the currency recovered from a drop under the $650 mark.
Bitcoin Price Goes Below $650, but Quickly Recovers
Even though there is some interesting news related to the Bitcoin, today we find it more important to focus on the price first. The overall change in value in the past 24 hours was 0.75%, but that doesn’t mean that we can ignore the fact that the Bitcoin fell under $650 and reached a day low of $645.70. This is bad news since instead of seeing the cryptocurrency moving upwards, it goes down instead. A positive thing, however, is the fact that the Bitcoin quickly recovered and reached a high of almost $654.
The market cap today is set at $10,304,918,474; in other words, it’s been slowly declining over the weeks and even though it somehow manages to stay over $10 billion, we may as well see it below that threshold. An incredible jump, however, is noted in the volume of $234,659,000; usually such a high change in value signals price movements.
If we combine the high volume with the buy signal received by the technical indicators and the moving averages, we can actually hope to see price improvement in the days to come. With four indicators and eight averages being pro-buy, the option to see the Bitcoin gaining on value shouldn’t be excluded.
According to a Miami Judge Bitcoin was Not Real Money
A person on trial for transmitting and laundering $1,500 worth of Bitcoin was saved from three counts against him after Judge Teresa Mary Pooler ruled that the cryptocurrency wasn’t real money. Naturally, the decision wasn’t gladly welcomed by the Bitcoin community and it remains to be seen whether the ruling will be accepted or appealed. Soon after the ruling, there were even theories that even though the decision seemed negative, it could, in fact, be positive for the Bitcoin as well as for all other cryptocurrencies. You can read more about it here.
On the other side of the world in sunny Australia, a new exchange has been launched and now Aussies can buy Bitcoin more easily. Namely, San Francisco-based Coinbase has made it possible for Australians to buy Bitcoin and Ether using credit/debit cards.
So that’s all to share regarding the Bitcoin this Wednesday. The price has been unstable, moving up and down, while the indicators and the volume may signal good times ahead.