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Bitcoin Price Down; Zebpay Crosses Milestone

During the past 24 hours, the price of Bitcoin is once again circulating around the $575 mark after it quickly dropped from the $578 value observed by our chart this morning. The current situation is quite different from one week ago, when on the same day the price exceeded the $580 mark, only to take a plunge on Saturday and end up below $570.

In other news, the US Court denied the bid of Mizuho Bank – the Japanese bank that handled transactions for the now failed Mt.Gox Bitcoin exchange – to have the charges filed by its customers dismissed. Following the loss of 750,000 Bitcoins by the exchange, the bank continued accepting deposits from its users while limiting withdrawals due to “technical difficulties”, which turned the customers to sue for the losses they suffered due to the misinformation.

Bitcoin Price Close To $575

The value of Bitcoin saw a significant change this morning, after it fell down under the $575 threshold where it mostly stayed during the past 48 hours. The price drop was also accompanied with changes in volume, which dropped for a third since our last update after Monday’s buying trend slowed down.

The highest recorded value in the past 48 hours was $578.46, while the lowest was $572.88. Looking back at the volume changes, we can observe a selling trend, as two days ago the market volume was $97,528,700, while after minor fluctuations it currently amounts to $64,674,700. The market cap as of now is at $9.1 billion.

Considering the volume fluctuations and our indicators and averages, the current trading signal is pro-sell. The moving averages show a neutral signal, with half the averages indicating selling and the rest buying. However, out of 12 all technical indicators only one is neutral while the rest send a selling signal, marking the current situation as a Strong Sell. Since the price can change within the next hours, monitoring of our chart is strongly advised.

Zebpay Exceeds 100K Downloads

Zebpay, the young Indian Bitcoin trading company has recently announced that they’ve crossed a milestone in their business and achieved over 100,000 downloads across both Apple and Google’s app stores. The big success comes only a year after the trading service that enables the selling and buying of Bitcoins was launched in July 2015.

Mahin Gupta, the chief technical officer at Zebpay, released an official statement to celebrate the achievement in which he added that they are “confident” they will achieve 350,000 downloads by the end of year, as thus far they have been receiving 20,000 users per month. The Zebpay app is now the number one Bitcoin app in the country.

The success of the Zebpay app is a mere reflection of the current situation in India, where many people see Bitcoins as a solid and reliable method of investing and saving in a financially unstable world. The app saw such a rapid growth and financial success mostly because it provided users with a simplified way of buying Bitcoins through their mobiles, without linking them to addresses and wallet backups.

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