Price of Bitcoin Tops $500 as China Fears Subside
The price of bitcoin continued its upward trend on the CoinDesk USD Bitcoin Price Index (BPI) today, rising roughly 9% to top $500. As of press time, the price had increased roughly $43 over the course of the day, climbing from a low of $452.17 to a high of $514.72. The recent recovery, sparked by comments from People's Bank of China (PBOC) governor Zhou Xiaochuan, continued as the 15th April deadline allegedly imposed by the central bank came and went without any additional account closures or adverse actions taken against the major exchanges. In recent weeks, a number of Chinese....
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Been too busy during this shorter work-week? Before you dive headfirst into the long weekend, check out our biggest news headlines from the last seven days: Bicoin price tops $500 as China fears subside: It had been rumoured for a couple of weeks that People's Bank of China had issued a deadline for all banks in the country to cut-off bitcoin exchanges. The 15th April deadline came and went and it was business as usual, at least for BTC China. The price of bitcoin rose back up past $500 mid-week following this news. Gyft no longer offering Walmart gift cards: Mobile card provider Gyft was....
Bitcoin Price advanced to just a few dollars short of our $260 target while BTC-China exceeded the target to 1,575 CNY earlier today. The topping process of the current advancing wave may print one more high in the chart. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Value and Price Analysis. Time of analysis: 11h10 UTC. BTC-China 1-Hour Chart. Analysis quoted from xbt.social earlier today: BTC-China has reached the top of the channel formed by the advancing wave. This price level also corresponds to a 1.618 extension of wave A which is a....
Shanghai-based exchange BTC China has published a statement reassuring Chinese investors that its operations will resume as normal despite looming regulatory uncertainty. The People's Bank of China (PBOC) is widely expected to issue a public notice later this month, which would effectively put an end to bitcoin-related money transfers in China, including yuan deposits. The rumoured notice is expected to go official on 15th April. However, since nothing is official yet, there is plenty of misinformation floating around. In turn, the spread of PBOC-related fear, uncertainty and doubt has....
Chinese investors are buying bitcoin as the yuan continues to fall since bitcoin allows them to store funds outside of China, according to The Wall Street Journal. The activity has renewed fears of government enforcement action against bitcoin, which happened when prices soared in 2013. Bitcoin trading reached 47 million bitcoins last week, the highest-ever level based on data since 2011. China Dominates Bitcoin Buying. China, the world’s second-largest economy, commands most of the bitcoin buying activity, with trading on three Chinese bitcoin exchanges accounting for 98% of global volume....
Historical data of the “coin days destroyed” indicator versus the Bitcoin price may suggest the metric can help predict tops. The Bitcoin Coin Days Destroyed (CDD) Indicator As explained by an analyst in a CryptoQuant post, the coin days destroyed metric might be a reliable indicator for BTC tops. A “coin day” is defined as […]