Since the last dump, there has been a steady increase on the price. From a bottom of $199 the price raised to $304.82 at the time of writing.
Many of you are surely wondering what could be the main reasons leading to this steady price increase. Several answers and explanations can be found throughout social networks, articles and other posts in blog sites. Some point out the recent VAT ruling in Europe, other say it could be the influence of Chinese traders buying large amounts of bitcoin, fearing an increased government currency control, while others point the coming bitcoin halving which is nearing at a fast pace. So it might be possible for us to see the price continue to rise.
Why this steady increase?
All these facts put together, along with the increased interest and heavy investments from international companies in bitcoin and the Blockchain technology throughout 2015 are certainly responsible for the progressive price rise.
As a lot of orders are waiting to be filled right above the $305 mark, based on what happened before, we might see a new set back on the price again. Many believe the market will go back under the $300 before continuing the steady rise. Comparing with the past year, the price is still lower than the same period, however in 2014 the price was steadily falling rather than rising.
Since the middle of September, the price has been slowly and steadily rising and it already stumbled upon a more than 30% increase. The last time the bitcoin price touched the $300 barrier was back in July the 12th when the bitcoin price hit about $317. After that, the market tumbled down to about $199 in August the 25th.
Yesterday, the 27th of October, the Bitcoin price broke the $300 barrier. For some weeks now, we have seenÂ a positive advance in the bitcoin price. Many are the reasons pointed by experts and traders for this price rise, however between lots of explanations there is still heavy doubts on what it could be the real trigger for this continued price rise.
Here's why one investor is way more comfortable with marijuana than bitcoin
Cryptocurrency ETFs proved too risky for ETF Managers Group Founder and CEO Sam Masucci, but he threw caution to the wind with his latest marijuana ETF â and it's paying off. "The business is
bitFlyer Launches in Europe and Becomes the World's First Bitcoin Exchange to Be Regulated in Japan, the US and … – Business Wire (press release)
Japan bitcoin bourse group stages Europe expansion Financial TimesWorldÂ´s biggest Bitcoin exchange wins backing for European launch Daily MailBloomberg all 4 news articlesÂ Â»
SEC 'Looking Closely' at Public Company Blockchain Pivots, Says Chairman
The head of the U.S. Securities and Exchange Commission said today that the securities market regulator is "looking closely" at the trend of public companies that have announced new focuses on blockch
Bitcoin Slides More Than 10 Percent to Near $10,000 Level
The price of bitcoin is down more than 10% today, according to CoinDesk's Bitcoin Price Index (BPI).
At press time, the cryptocurrency's price is trading around $10,237.25, a decline of roughly 11.
US Senators Blast Venezuela's Oil-Backed Cryptocurrency Plan
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.
In an open letter addressed to U.S. Treasury Secretary Steven Mnuchi
Coinbase Taps Twitter Vet to Bolster Customer Support Team
Cryptocurrency startup Coinbase has hired a former Twitter executive in an effort to shore up its customer support teams.
Tina Bhatnagar will serve as vice president of operations and technology, a
IMF Calls for International Cooperation on Crypto
The International Monetary Fund (IMF), an organization that aims to foster global monetary cooperation and financial stability, has called for global coordination on cryptocurrencies, warning of the r
Commodity Merchant Louis Dreyfus Trials Blockchain for Soybean Trade
Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.