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Bitcoin Price Breaks Past $500, Shows Optimism

Chris in Uncategorized published on 23, May 2014

Bitcoin Value Rises

The Bitcoin price value continued its momentum as it opened at $526.06 on the CoinDesk USD Bitcoin Price Index (BPI), posting a 7.54% increase from its closing price of $489.16.

The recent price spike pushed the virtual currency to break through the $500 marker, the first time in a month. At press time, the highest price is $535.09. The last instance when it reached this value range was in mid-April.

Days prior to the price surge, Bitcoin already made a record after it jumped 10%, which started its steady climb on the Bitcoin chart.

Meanwhile, the CoinDesk CNY BPI also saw an upward trend, peaking at ¥3301.57 at press time. It registered a 6.76% increase to open at ¥3258.56. This qualified as the highest value since the Bitcoin price in the Chinese market started to dip toward the end of March.

The Bitcoin values in both markets have been constantly heading up north since May 20, and are listing significant percentage growth for the last three days.

Analysts viewed the spike in Bitcoin price as a positive reflection of the virtual currency’s promising progress in recent weeks. The Bitcoin2014 conference held in Amsterdam from May 15 to 17 was considered a success after receiving significant media mileage and generating a large number of attendees.

Another development in the Bitcoin industry is the $30 million Series A funding round of BitPay, with investors backing the plans of the payment processor to add more services and to expand internationally. Moreover, Circle has debuted its product, which is aimed at bringing the digital currency closer to mainstream consumers.

On another note, the recent negative news concerning the status of Bitcoin in China, the arrest of a Bitcoin entrepreneur, and the collapse of Mt. Gox—once the largest Bitcoin exchange based in Tokyo—seem to have seized its undesirable impact on the digital currency’s value.

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