Bitcoin Goes Over $470; Japan Finally Regulates It

On Wednesday the Bitcoin was in a really good position and we mentioned in the last post that the indicators alongside the volume predicted further price improvements. Those that believed us didn’t make a mistake since two days afterwards we can see the price per coin over $470, which is higher for about $20 in comparison to Wednesday’s value of the cryptocurrency.

Not only the situation on the Bitcoin price chart has been interesting, but also there are many amusing news we want to share with fans of the digital currency. For example, Japan finally regulated the Bitcoin, whereas two reputable global media were generously complementing the concept.

Keep reading and stay informed with latest happenings in the Bitcoin world as well as collect useful details regarding the cryptocurrency’s price movements.

Bitcoin Classified as Asset-Like Value in Japan

In 2014 Mt. Gox collapsed and its users and founders lost millions within seconds. The Japanese prominent exchange at the time was a sign that the country had to start thinking about regulating the Bitcoin as well as other digital currencies in order to both protect users of such cryptocurrency and also prevent money-laundering. That finally has happened after the government passed a law that classifies digital currencies as asset-like values; after the law is finalised, virtual currency exchanges will be obliged to register with the Financial Services Agency in Japan and identify their customers.

In addition to this legal Bitcoin-related event, there were two separate articles that highlight Bitcoin as a very positive thing. The first one was published in The Wall Street Journal, where the author claims the cryptocurrency was just the beginning. The text praises the Bitcoin and especially the technology behind it – the Blockchain – and predicts that changes in terms of how we manage information and transactions are yet to come. Additionally, Nasdaq described the currency as “a gift that keeps on giving” and that title solely is truly worth mentioning.

Even $475 Threshold Breached; Volume Soaring

We always leave the more boring part for last and the reason is simple; even though not as amusing as interesting news, technical analysis is crucial in planning your next step in case you own, want to own or trade Bitcoin. Today, the situation is very positive, regardless whether you focus on the price chart or on the indicators.

So, let’s take a closer look at the chart first. Yesterday the price was stuck around the $450 line, just like it was two days ago. However, early in the morning the Bitcoin started growing and at a certain point it hit day’s high of $476.27. Considering the fact the lowest price noted in the past 24 hours was $450.11, the increase we’re talking about is incredible $26. The price change during the period has been +5.08%.

All these positive movements affected the market cap that jumped some more and settled at $7.40 billion. The volume has been soaring as well; its value at the moment of this writing was high $138,721,000 i.e. drastically better than the $67k recorded on Wednesday. This may be a sign that the positive trend is going to continue during the weekend.

In terms of technical indicators and moving averages, they’re as positive as always. All simple and exponential averages send a strong buy signal and they’re accompanied by nine technical indicators that signal the same. Only one indicator (STOCHRSI) is pro-sell and one (Williams %R) is neutral. If everything written is taken into account, further price jumps seem very likely to happen.

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