Bitcoin Unable to Leave $610 Mark; Widely Used in India Nonetheless

With an insignificant price improvement of 0.42%, the Bitcoin seems unable to leave the $610 mark for quite some time now. Eight days ago the cryptocurrency jumped at $628 and we thought that it will hit the long-awaited $630 threshold pretty soon. However, not only that didn’t happen, but the Bitcoin has lost its power and trades around $610 ever since.

This Monday is yet another beginning of a week in which we see the digital currency at the same place. However, at least the Bitcoin-related news have been interesting and positive. Namely, the cryptocurrency is widely used in India, Bitfinex has published an update on the hack repayment plan and German Enercity enabled Bitcoin payments.

Anonymous Bitcoin Donations and Huge Bitcoin Volumes

Well, there are so many interesting things to mention today, that we will leave the analysis of the Bitcoin price chart for a bit later.

First, we would like to inform those affected by the infamous Bitfinex hack that the exchange has issued and update on its repayment plan. The company announced two special purpose vehicles that will be available to users for exchanging digital asses for interest in iFinex Inc.

Another impressive thing to report is the announcement by German energy giant Enercity that the company now accepts Bitcoin as a method of payment for utility bills. This was revealed by the CEO Dr. Susanna Zapreva and called the move just a step on the road to the digital future.

News from the Asian continent reveal that India-based ZebPay was processing $10m in Bitcoin volume each month. Reports show that Indians got used to the cryptocurrency and use it not only to trade and shop, but also for purchasing most basic things such as pizza.

Finally, the The Water Project published a thank you note to an anonymous donor, who donated the organisation $23,000 in Bitcoin. As was pointed out in the message of appreciation, the donor provided clean, safe water and sanitation facilities to an entire school as well as for monitoring and repair funds for years to come.

However, despite all these great stories, The Boston Globe reveals that MIT students still prefer cash and credit when it comes to student loans. Bitcoin still hasn’t become as popular as expected and even those that have signed up for $100 in Bitcoin tend to quickly trade the currency in for cash, rather than use it in its original form.

Volume Down; Strong Sell Signal for Traders

In contrast to the positive Bitcoin news, the situation on the price chart hasn’t been too impressive. The highest price noted in the past 24 hours was $612.08, whereas the lowest one was $606.88. The only good thing about these numbers is the fact that the day’s low was seen yesterday afternoon and ever since the price has been trading closely around the $610 mark.

The market cap doesn’t seem interested in leaving the $9.6 billion area, while the 24-hour volume has been relatively low at $50,156,500.

The previous values, alongside with the strong sell signal by the indicators and the averages aren’t too promising.

It should be noted that five indicators and nine averages are pro-sell, while only three of each side are pro-buy. There are, additionally, three neutral indicators; plus, the STOCHRSI and the Williams %R show that the Bitcoin is being oversold. All these signs point towards price drops, rather than value improvements.

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