Why Bitcoin's Price Has Leapt 64% Since April

Why Bitcoin's Price Has Leapt 64% Since April

Bitcoin's price has been on a roll of late. The CoinDesk Bitcoin Price Index (BPI) recently crossed back above $590 on the 27th of May, representing a 64% gain from 10th April when the price was as low as $360. Much of this dramatic price increase has come in just the last few days. For approximately a one-month period prior to 19th May, bitcoin was trading in a relatively tight band around the $450 level. Then, on that date, the price began to steadily ratchet upwards (see Figure 1). Figure 1: CoinDesk Bitcoin Price Index, 25th April - 26th May 2014. Source: CoinDesk Bitcoin Price Index.....


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Quotes

The decision to bring virtual currency within the scope of our regulatory framework should be viewed by those who respect and obey the basic rule of law as a positive development for this sector. It recognizes the innovation virtual currencies provide, and the benefits they might offer society.

Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Ne