Bitcoin prices have had a history of going up and down. As an example of this, Bitcoin was pegged at hovering around $300 a year ago. However, it seems that was the time that Bitcoin hit rock bottom as Bitcoin prices started climbing shortly after that. It peaked in the middle of this year, with Bitcoin breaching the $700 mark and almost reaching $800. Prices dropped shortly after that, though.
Prices have recovered since then and Bitcoin prices are climbing once again. As of press time, Bitcoin is currently around $720. The signs are also clear that the price will be going even higher. Many analysts think that Bitcoin will manage to break the $800 mark before this year ends. This is a good sign for the Bitcoin public, including the online players. The highest price that the cryptocurrency ever reached was around $1,200 and, with the continued rise of prices, that may soon happen again.
China’s capital outflow boosts Bitcoin
What has caused the sudden rise of Bitcoin price? One of the reasons from early this year has managed to come up once again. Last June, when Bitcoin prices were soaring, the Chinese market for Bitcoin was also surging. Combined with other concerns in the international market, this resulted in an increased demand in Bitcoin. Higher demand means raised prices.
This demand has continued even to this day, although it has slowly been increasing. Bitcoin has become the primary way in which Chinese investors have been able to protect their capital.
China has always had strict capital controls to ensure the Chinese economy stays robust. However, the country has leaking money for two straight years now due to the weakening yuan. People want their money to keep its worth and they are resorting to buying Bitcoin since it is the easiest to access. Bitcoin also avoids many of the regulatory hoops that need to be jumped when buying property or other assets.
Increased customer confidence
Another reason for increasing Bitcoin prices is the changing shape of the Bitcoin world. Bitcoin is constantly being improved and changed to better serve its customers. The latest change is a prime example of this.
Recently, the blockchain network that is the basis of Bitcoin has been operating with the problem of limited block sizes. Last week saw the release of Segregated Witness to the Bitcoin core, a way for the network to handle higher workloads. In addition to these changes, there is a higher confidence in Bitcoin as a currency. With more and more shops and merchants accepting it, Bitcoin has gained quite a bit of legitimacy.
All of these changes have boosted Bitcoin’s importance. This a good sign for those who deal in Bitcoin. Bitcoin gamblers will find that their winnings are worth more, while their bankroll is more useful.
Those who have invested in Bitcoin will be also pleased, since Bitcoin has more than doubled its price since this year’s low. The cryptocurrency is on the rise and people can expect more from it as the year closes.
Bitcoin gambling still a main player
It is already common knowledge that online gambling plays a primary role in the continuous success of Bitcoin. Bitcoin casinos keep updating their services, games, and promotions of course, and it is these factors that make online gambling with Bitcoin more attractive and advantageous.
With high bankrolls and cashouts, playing in leading Bitcoin casinos like BitStarz makes it all the more worth it. Players do get to enjoy the variety of games provided through the SoftSwiss platform, as well as the bonuses and promos offered by the Bitcoin casino.