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Currencies BitCoin Bitcoin Flat as Falcon Global Capital Closes Fund

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Bitcoin is trading flat after an uneventful Sunday session. After opening the day at $341.68, prices fell to a low of $336.94. From here, BTC/USD rallied to a daily high of $346.93 but few hours later bitcoin fell back down to the daily open at $341.50. Prices are slightly higher on OKCoin at $347 and BitStamp at $352.

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While today’s range is higher compared to yesterday’s $7 bucks, it’s inline with the 14 day Average Daily Range of $10 dollars. In addition to this, today’s swings didn’t trigger any breakouts. The move lower stopped short of the $332 level and the rally higher didn’t even move past $350. The two potential breakout points at $332 and $360 remain.

Falcon Global Capital closed its bitcoin fund because of slow demand, Bloomberg reports. Brett Stapper, co-founder of the company says the reason for the closure is because customers were not interested in having a third party manage their coins. Stapper added that while the technology behind bitcoin is very exciting: ”whether or not bitcoin is worth investing in at this point is unclear.”

In a similar theme, the CEO and chairman of American Express Kenneth Chenault was quoted as saying: ”the protocol of bitcoin is going to be important”. Chenault thinks that the technology behind BTC could lead to a revolution in payments, similarly to how iTunes and Napster changed the music industry. Not everyone is embracing the new kid on the block however. In a Youtube Video, Matthew Driver, MasterCard’s president for South East Asia attacked cryptocurrencies:

”We in MasterCard we are not completely comfortable with bitcoin” Driver says. He then goes on to compare BTC to cash. According to Driver, cash facilities anonymity, illegal activity, tax avoidance and a range of other unproductive activities. The short video concludes with an attack on bitcoin’s anonymity: ”If it’s an anonymous transaction, that sounds like an suspicious transaction”.

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