Bitcoin Back to Upper Bound After $3 Gain

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Bitcoin got back to trading closer to the upper bound after a small $3 dollars rally today. On BTC-E we opened at $234.26. From here we dipped ever so slightly to $233.18 but soon after hitting the lows we rallied back up to a daily high at $237.39. This got us within striking distance of the weekly high at $237.69 dollars per coin. As we can see on the updated chart below, the zig-zaggy range-bound movement continues, albeit with a slight bullish bias. We are currently trading at $236.47.

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Prices on OKCoin gained as well, from $237.61 at the open to $239.31 right now. The day’s high stands at $239.95, almost $2 dollars below the weekly high at $242 dollars per coin.

Futures on OKCoin are trading around $240 dollars for the two closer to expiration contracts and $242.94 for the December issue. This longer-dated contract rallied to a high of $244.05 today. The weekly high for Dec25 is at $248 dollars flat. You can find live OKCoin futures charts HERE, or head over to TradingView and search for BTC/USD in the ticker box.

With bitcoin losing 56 percent of its value in 2014 and 24 percent in 2015, a lot of start-ups in the sector have switched their interest to blockchain technology. The blockchain is bitcoin’s public ledger that records every transaction. This allows for a completely decentralized verification solution of who owns what.

In September nine major banks singed up to a new initiative that aims to harmonize development of blockchain technology. The list of banks include heavyweights like Goldman Sachs, Credit Suisse, J.P. Morgan Chase and RBS. More on this Originally appeared at: http://www.forexnews.com/blog/2015/10/04/bitcoin-back-to-upper-bound-after-3-gain/