By: Stephanie Brown
Bitcoin has long been considered a revolutionary that individuals will ultimately conduct their transactions. It is no doubt that the crypto-currency came a long way from only being considered another financial asset. However, various issues kept most of the masses away. One of the main problems that still lingers are security breaches which have not only driven away financial investors, but many early adopters.
The industry has tried to soothe nerves, stating that the security issues have been rectified but a recent study shows that these concerns still persist. According to the study, even if users are using different pseudonyms to transact, it is now easier to know their identities users and track down their IP addresses.
This is understandably considered a major security threat and setback according to many industry and security experts. Bitcoin users’ anonymity remains considerably low, causing many to believe the digital currency has ways to go.
Interestingly enough retailers who are allowing users to pay through Bitcoins have more than doubled since last year, which is of course tremendously positive.
Many industry experts believe that sales generated through Bitcoin could also double this year, which should attract even more businesses. Additionally, it should attract the masses if the retailers are able to provide better deals through the Bitcoin platform.
Technical Analysis
BTCUSD is currently trading marginally down at $375.02. Its rally in yesterday’s trading session did not last long and slowly fizzled out. When looking at the chart above, the BTC/USD has strong support near $341, while momentum indicators like the MFI are showing that it is moving downwards.
Actionable Insight:
Sell the BTC/USD below $373 for target of $360, $366 with a stop-loss of $376.5.
