Bitcoin Keeps Growing; Coin.Mx Case Continues

Once again we are finishing the week on a positive note, as the growth that began at the second week this month has continued all the way to the end. Where on Monday we wondered whether the prize we’ll break the $628 resistance, here we are four days later with the price close to $685. An impressive week for sure, but will the value hold during the weekend trading? Well, looking at the technical indicators, things are still looking well.

First Guilty Plea in Coin.mx Case

Apart from seeing another price breakout, the Bitcoin world was also met with the news of the first guilty plea in the Coin.mx case. If you remember from our previous updates, the coin.mx Bitcoin exchange was involved in laundering Bitcoins from the ransomware attacks on JP. Morgan.

Following an investigation, the exchange’s operator, Anthony Murgio was indicted for money laundering but also trying to conceive the nature of Coin.mx by posing it as a members-only club where “collectible memorabilia” could be exchanged.

The first guilty plea came from Anthony’s father, Mike Murgio, a 66-year old ex-teacher and school board member in the Florida district. Even though not directly involved with his son’s business, Mike made a false statement about the address of the “club” being in New Jersey, so that it could participate in the HOPE credit union. Murgio Sr. will be facing a sentence of 16 months in a federal prison, but he will still refrain from testifying against his son.

Price Up By 0.9%; Will it Hold?

Ever since Monday, the Bitcoin price has been strongly pushing through one range after another. But with a nearly $50 increase in one week, concerns of the prize rolling backward all of a sudden are not that far-fetched. During the past 48 hours alone, the price went through a significant change, switching from the $656.85 lowest point to $685.64 in a day’s instance. As welcome as this change is, it’s reasonable to stay cautious when such trends persist.

The trading volume has been really solid during the past two days, not even once dropping below $70 million, which is always good news for Bitcoin users who want to see their investment growth. The current trading volume amounts to $77,559,300, while the market cap is at an impressive $10.9 billion. As to the trading trends, the trading market is still positive, with the bulls still holding the lead. Judging from the moving averages, the buying pressure is likely to continue and lead to further price boosts.

All 12 indicators send a buying signal, with the long term SMA 100 still over the SMA 200 with a wide difference, which only confirms the buyer’s pressure on the market. The technical indicators show a similar picture, with 8 out of 12 indicators showing a buying trend. And even though the Stochastic is currently in the “overbought” zone, hinting at a possible buyer’s exhaustion, all other indicators show healthy signs of the bull-run continuing, for now. As always a lookout on the market trends is advised, especially before the weekend.

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