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Currencies BitCoin Bitcoin Little Changed After Volatile 24 Hours

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Bitcoin is trading little changed after a volatile 24 hours. Prices rallied from $315 to a high of $330.02 yesterday. But after topping out at $330, BTC/USD proceeded to lose all the gains. We are currently quoted at $315 per coin on BTC-E, $319 on BitStamp and $321 on OKCoin.

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In our article yesterday, we said : ”While a BTC/USD move above $320 should be a cause for worry to the sellers, to snap the downtrend we will likely need to see a break of $335.” Today’s bounce right at $330 just reinforces the importance of this resistance area. The latest bitcoin move lower started after BTC broke below $332 per coin. A clearing of this area and a bitcoin move past $335 should invalidate the downtrend. To regain to bearish momentum, prices will need to take out the double bottom near the $300 support area. Below here, the $285 swing low may provide some support, followed by the important $266 mark.

Popular news aggregator and social networking website Reddit (home of r/bitcoin), announced ”Reddit Notes” yesterday. In a blog post, the company says that they plan to give back 10 percent of the recently acquired VC funds back to the community. The approximately 950,000 reddit notes, a form of cryptocurrency backed by shares in the company, will be divided among active user accounts. Because there aren’t as many reddit notes as there are accounts, the giveaway will be made in a random lottery. Eligible recipients of reddit notes will be determined based on activities before September 30th 2014. The give away is set to take place in the fall of 2015.

Reddit executives have made it clear that ”Notes” are not a currency, though they will be based on a Bitcoin-like blockchain for transactions. The ”Notes” also won’t count as shares in Reddit, though they will be “backed” by the company’s equity. It will be interesting to see how this plan develops, especially on the regulatory side. Few months ago, Overstock outlined a similar idea, but the plan hasn’t gained much traction since.

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