Bitcoin Approaches $500, Sparking Hopes

0
58

Bitcoin Approaches $500, Sparking Hopes

The bitcoin price soared on the Coindesk Bitcoin Price Index (BPI), which indicates the virtual currency’s exchange rate against the US dollar. The currency jumped 10% today to hit a record high of $494.16, up from the opening rate for the day of $444.31.

According to the Bitcoin News, the price increase hit a level it’s not seen since late April, close to a month ago.

The virtual currency also gained on the CoinDesk CNY BPI, hitting a peak of 3041.89 Japanese yuan for every single unit. Bitcoin exchanged at ¥2769.04 at the opening.

At the time the CoinDesk report was being published, bitcoin had eased its rally on both the USD BPI and CNY BPI. At that particular time, the online currency’s price was $483.54 on the USD index and ¥3010.13, an average gain of 8% on each guage.

Today’s market performance of bitcoin, which is the most compelling in a while, could be interpreted as yet another indication that the digital currency’s price may be approaching a bull rally as some analysts have predicted, CoinDesk said.

**relatedarticle**

The latest bitcoin rally comes against the backdrop of a consistent flow of encouraging press for the industry, including the Bitcoin2014 meet held in Amsterdam that was widely considered successful.

The gathering saw prominent speakers including Patrick Byrne, CEO of Overstock, Circle boss Jeremy Allaire and chief scientist of Bitcoin Foundation Gavin Andresen give high-powered speeches that may have helped bring attention of the bitcoin community to the larger role of the virtual currency and its possible influence on the global financial market.

Bitcoin had dropped in price on negative developments in China, which was one of the markets accounting for the world’s largest bitcoin transactions in volume.

Yet, the country has witnessed several positive events in the country such as the Global Bitcoin Summit in Beijing.

To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com