Tag: bitcoin price increase

Bitcoin gains 1.36% within 1 hour after bullish news from Glenn Hutchins

Bitcoin gained 1.36% earlier today rising from $442 to $448 in just one hour right after Glenn Hutchins, a Federal Reserve Bank of New York board member and investor, came forth with bullish news about Bitcoin and the BlockChain technology. In his speech he drew a bold parallel between Bitcoin and the Internet and, among other things, mentioned that he has bought Bitcoin himself and is currently investing in various Bitcoin companies.

Bitcoin hike from 442 usd after Glenn Hutchins news

We didn’t reach $500… yet

In the last weeks of April there was a lot of fuss on Bitcointalk about the possibility of the price reaching a whopping $500 USD mark on or before May 1’st, but as we all now know, this somewhat feasible dream was instead met with a steady two-day price decline on the 27th and 28th of April where the value of Bitcoin fell sharply a total of -7,25%.

Impact of bullish news

Glenn Hutchins is a man to be taken seriously and we have already witnessed that the first wave of bulls have returned, albeit cautiously for now.

When a board member of a Federal Reserve Bank of New York comes out in the open and says that “hey, I’ve bought Bitcoin myself and I will start investing in Bitcoin companies“, it’s not that far-fetched to think that at any moment now the herd will follow.

$500 in May or early June?

This, along with the fact that an event called “the halving” is right around the corner, leads me to believe that $500 in May is a very strong possibility especially because in the last few days the price has fallen just enough for it to look delicious again for the bulls.

After all, Bitcoin is an asset more closely controlled by the fundamentals than anything I’ve seen before. It’s true that technical analysis works to a certain degree, but every time news like this comes out, Bitcoin simply goes nuts!

It’s like a feather in the wind that’s blowing from many different directions and that being said, I believe this month and the next will be a very interesting ride to either simply observe or be a part of directly.

Share!

Bitcoin just hit the $420 mark and it doesn’t look like it’s stopping

The last time we saw Bitcoin around these levels was exactly one year ago in November 2014. We were just coming down from a down trend correction that peaked at $667,530 on the 25th of May as people were desperately trying to get rid of their remaining coins and we had no idea where it would stop. Then, less than a month later we finally hit the bottom at $200 where the price remained solid for almost a year, continuously dancing between $260 and $198.

Strong news to back it up

BTC USD Price November Rise ClimbThe first thing that comes to mind when you look at such a chart is obviously that someone’s trying extra hard to manipulate the prices for their own evil profit. I thought so too until I read the following news:

Bitcoin to become the 6th largest global reserve currency by 2030

The above article talks about how global banks are super hyped about the Blockchain technology that Bitcoin is running on and how they have already invested billions of dollars into it. They are finally taking this new technology seriously enough and who can really blame them? It’s a lot more secure and simply a better way to transfer funds than the traditional system we currently have. The article fails to show the relevance of Bitcoin in all this, because as you know, Blockchain is *not* Bitcoin, but there is more!

Chinese Yuan 15-20% devaluation by 2016

Since China is a global giant such news are definitely going to change a lot. The article talks about how China already devaluated their currency in order to help exporters and more devaluation is imminent. The current price rise of Bitcoin is almost entirely made up of money flowing into Bitcoin from China so people are already getting ready for a serious meltdown by the looks of it. This reminds me how Kim DotCom tweeted in August suggesting people to buy Bitcoins now and thank him later.

Regulated Bitcoin exchange, Gemini, set to launch

Gemini is the world’s first legal and regulated Bitcoin exchange with its headquarters located in New York, USA.

Cameron and Tyler Winklevoss, famous for their legal spat with Facebook founder Mark Zuckerberg, launched bitcoin exchange Gemini on Thursday. While the currency has received criticism for its role in exchanges such as online black market Silk Road, the brothers contend they have established sufficient safeguards to unlock its potential.

Bitcoin now treated legally the same way as money

Bitcoin can now legally be treated the same way as real money after a court ruling on Thursday which stated that Bitcoin transactions are exempt from VAT (value-added tax). That alone is enough to raise the price of Bitcoin considerably for obvious reasons. Even the oldschool investors who didn’t care about Bitcoin before are now looking into this tax-free investment.

Panic buyers fueling the price further

Given all the positive media fuss around Bitcoin lately and seeing the price skyrocketing in a matter of days has got a lot of people standing on their toes right now. The value of Bitcoin rose from $328 up to $420+ in a single day today as more buyers are jumping on the train, thus fueling the rally even further.

$500-$600 a very real possibility

In one of my previous posts I was quite skeptical about the price moving anywhere above the $450 area and even though I still believe we are going to see some resistance at the $454 area, it looks like Bitcoin is just getting started and we have only seen the tip of the iceberg right now. Basically any correction, especially the one that should happen around $454, will be a good entry point for a LONG position from now on.

Share!