Bitcoin price is pushing higher in a continuing rally that began in the last days of March leading into April. On April 20th, bitcoin value reached $1,243.9 on the Bitstamp Price Index (BPI).
Bitcoin is now trading at its highest values in over 30 days, comparing to prices during a recovery from the Winklevoss ETF rejection by the SEC. The increasing gains come despite the ongoing scalability debate that has threatened to split bitcoin’s core software with a ‘hard fork’.
Chart from TradeBlock.
The bigger topic over the past week has been the suspension of withdrawals and deposits of USD wire transfers from a number of bitcoin exchanges. Bitfinex and OKCoin, two large exchanges by trading volumes, based out of Hong Kong and China respectively. The pause in USD wire transfers has set prices at notable premiums on both exchanges.
BPI data shows price hovering over $1,200 at the start of Thursday (UTC) and trading and price remain largely dormant for the first quarter of the day. At 07:00, prices crawled upward from $1,209 to $1,220.80 at midday. The bigger gains were yet to occur. At 15:00, prices spiked from $1,222.10 to climb rapidly, scaling the near 35-day BPI high at $1,243.65.
At the time of publishing, prices have taken a minor respite with global average prices showing at $1,237. According to BitcoinAverage, today’s average high of $1,246.61 is under $20 away from the global average all-time high of $1263.66, scaled on March 6.
April has hosted a handful of notable positive developments in the mainstream for bitcoin and the cryptocurrency ecosystem, plausibly driving the upbeat trend. Since the turn of April, prices are now up over 15%.
The month kicked off with Japan’s legislation to accept bitcoin as a legal payment method begin. Within the first week, retailers had come aboard, as bitcoin is set to be accepted in 260,000 stores in Japan by this summer.
In Russia, where authorities and regulators have long taken a hard line stance against bitcoin – going so far as to propose imprisonment for adopters – there is now talk of recognition and regulation of bitcoin in 2018. The same official who spearheaded the effort to outlaw bitcoin in 2014 has now spoken about acknowledging bitcoin in a legal capacity.
Further, there is significant news coming out of India today, adding to the cheery wave and outlook among bitcoin traders. The government committee tasked with studying and proposing the legal outlook toward bitcoin in India is reportedly considering the approval of bitcoin as a legal instrument in the country, with regulation and taxation to follow.
Bitcoin is now back above $20 billion in total market value of all coins mined, in a month that has already seen the total cryptocurrency market cap push toward $30 billion.
For a live BTC Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom.
Finnish Police Launch OneCoin Investigation Amid Global Crackdown
Police in Finland have launched an investigation into OneCoin, a digital currency scheme widely considered to be fraudulent.
Local reports indicate that Finnish authorities are currently looking in
Snip’s Decentralized News Revolution
Online content is a broken system. Quality content gets buried beneath mountains of biased articles, clickbait, and stories that are too long to read in one sitting. Consequently, readers cannot easil
Binance Co-founder He Yi: Do Not Follow Suit and Hold Your Bitcoin
August 23th, Binance announced to open trading of MCO and ICN today. In the past few days, Binance opened trading of DNT, which was popular in the ICO market. Until today, Binance has listed 18
Segwit2x Developers Label Controversial Bitcoin Code 'Production Release'
The code for the controversial bitcoin scaling proposal Segwit2x is nearing completion.
At least, that's what BitGo CEO and project leader Mike Belshe has claimed in new a mailing list update.
Datum Turns Data into a New Asset Class and Plans to Launch the First Decentralized Data Marketplace in 2018
Internet applications play a very important part in our everyday life. Given the number of applications and the critical role they play in various settings have made it necessary for the creation of
Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin
As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a
Ethereum Price Technical Analysis – ETH/USD Might Extend Correction
Ethereum price is correcting lower against the US Dollar against Bitcoin. ETH/USD has to remain above $308 in order to bounce back. There was a decent upside move in ETH price above the $321 level
Bitcoin Price Technical Analysis for 08/24/2017 – Uptrend Line Still Holding
Bitcoin Price Key Highlights Bitcoin price is still moving above its ascending trend line that has held since mid-July but there are signs that the uptrend is weakening. Technical Indicators