30 May '16, 5pm

Bitcoin price jumps 21 percent over 4 days, reaching a 21-month high

Bitcoin is back! Or at least, there are positive signs indicating that bitcoin might not be as dead as everybody thought . Bitcoins are now trading at $547.40 on Bitfinex (the largest USD/bitcoin exchange according to Bitcoinity ). And it represents a big 21.4 percent price jump over just 4 days. Today’s price represents a 21-month high. Surprisingly, bitcoin price had been relatively stable for the last two months before this weekend’s jump. What’s the reason behind this jump? It’s hard to say. Huobi and OKCoin , the two dominant Chinese exchanges, have seen many new signups as well as many buy orders. Increasingly, bitcoin’s price variations are correlated with macroeconomics trends in China. These trends tell us that China still fears a deflation. And bitcoin is perceived as an alternative asset class for many people in China. Similarly, the Chinese government cloud cra...

Full article: http://techcrunch.com/2016/05/30/bitcoin-price-jumps-21-p...

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Bitcoin price jumps 21 percent over 4 days, rea...

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Bitcoin is back! Or at least, there are positive signs indicating that bitcoin might not be as dead as everybody thought ....

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