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.
DOJ Charges ICO Co-Founder With Securities Fraud
The Department of Justice has unveiled fraud charges against another co-founder of cryptocurrency startup Centra, a move that comes weeks after two other founders were arrested and charged.
Russia's Supreme Court Orders Review of Crypto Website Ban
The Supreme Court of Russia has directed a court in the city of St. Petersburg to consider an appeal against a blocked cryptocurrency information website.
According to Russian legal information sit
Quebec's Chief Scientist Denies Dismissing Crypto Concerns
Contrary to recent media reports, the Chief Scientist of Quebec has not downplayed concerns about the illicit use of cryptocurrencies, his office said.
On Thursday, several media organizations publ
Amazon Web Services launches 'blockchain templates'
Amazon.com wants to make it easier for developers to create projects based on the blockchain technology underlying bitcoin and other cryptocurrencies. The company's cloud computing division
Cloud Giant Xunlei Claims Blockchain Advance With 'ThunderChain'
Xunlei, the NASDAQ-listed cloud network provider, has launched its proprietary blockchain platform, despite ongoing class actions over an alleged initial coin offering (ICO).
At a press event in Be
Taiwan Eyes November Deadline for Bitcoin AML Regulation
Taiwan aims to formally regulate bitcoin under anti-money laundering (AML) rules before the end of the year.
According to the Taiwan Central News Agency, Chiu Tai-san, the country's minister of jus
Bitcoin Bull Trap? Not So, Says Lesser-Known Price Indicator
Is the reversal of a lesser-known bitcoin price indicator signaling a bull trap?
That's the question being asked by Twitter's more expert crypto analysts after bitcoin's rise to $8,500 this week, a
JPMorgan Trial Puts Debt Issuance on a Blockchain
JPMorgan Chase has partnered with National Bank of Canada and other major firms to trial a blockchain platform aimed to improve the debt issuance process.
As reported by Reuters, the investment ban