The price of Bitcoin has broken yet another ceiling today tapping the $775 USD mark on Bitstamp. This has got the community going wild as they are all hoping to repeat the 2013 run again.
Bitcoin Got Its Mojo Back
There is a lot of talk about the upcoming Brexit vote and the recent devaluation of the Chinese Yaun, which may be helping the cryptocurrency peak at such levels. Amid the threat of another global financial crisis, investors all around the world are looking at Bitcoin as the new asset class of the century. Even the gold market has seen a rise over the past couple of weeks with one ounce of .999 gold sitting at $1,289 USD at press time. Throughout Twitter, Bitcoin.com’s forum, Reddit, Bitcointalk.org, Facebook, and all over social media Bitcoiners can be seen celebrating the price rise.
That's exactly what I've been saying…it's straight to $1151+ now….very little pausing. https://t.co/npmdR22Bpz
— Vinny Lingham (@VinnyLingham) June 16, 2016
Others are highly anticipating the upcoming halving due roughly around July 10th. Many have focused on this particular speculation the whole time as the miner reward could make it more difficult to obtain large amounts of bitcoin. This has given the cryptocurrency a scarcity attribute just like gold and both are being increasingly considered as hedge in turbulent economic times. The ‘Bitcoin Halving Day’ has become one of the most talked about factors impacting the price surge so far alongside China’s economy.
Four weeks until bitcoin's "halving". Study the heartbeat and cycles of bitcoin here:https://t.co/22Hz8pTpue
— Andreas (@aantonop) June 12, 2016
The price of bitcoin isn’t the only cryptocurrency value being watched at the moment. At the same time, the price of Ethereum has broken the $20 USD mark on Poloniex. The Ether boat has been lifted by a rising tide of BTC despite speculation of an inverse relationship with Bitcoin’s value. However, both markets and their uptrends seem to be coasting on their own.
There’s been much debate on where this upward steam is coming from exactly and one can name the usual suspects, which include, the Brexit vote, China, the halving, and well-known VC firms injecting capital.
Ultimately, most people won’t really care what is pushing the price as they’re just celebrating the fact it has reached the highest point in two years. Others feel the rise may be a little too fast , resulting in another bubble. As usual, there is no official hard evidence to what is causing the increase, but the community is not complaining at all.
What do you think about the Bitcoin price rise? Let us know in the comments below.
Images courtesy of Pixabay and Twitter