The Bitcoin price value continued its momentum as it opened at $737.71 on the CoinDesk USD Bitcoin Price Index (BPI). The recent price spike pushed the virtual currency to break through the $700 marker. The Bitcoin values in both markets have been constantly heading up north since last month, and are listing significant percentage growth for the last three days. Analysts viewed the spike in Bitcoin price as a positive reflection of the virtual currency’s promising progress in recent weeks.
According to analysts and speculators, this progress can be attributed to different factors. Several events happened during the past days, and these developments are responsible for the positive state the Bitcoin price is in at present. Other individuals and organizations who closely monitor Bitcoin’s performance on the market believe that there are still other reasons that can explain the recent price jump.
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While some may argue that the digital currency’s value should not have a large bearing when it comes to online trading, this positive jump still presents the online activity to be inviting and rewarding. Even in the unfortunate event that the Bitcoin price slumps again, this should not largely affect the industry. After all, the funds allotted in trading should reflect the amount the traders can wholeheartedly lose.
Still, all eyes are fixed on mid-July, when the real test for the Bitcoin price will come to pass. A handful of experts went even further in emphasizing the importance of the halving, asserting that Bitcoin prices will remain range bound until after this event takes place.
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The recent jump in the value of Bitcoin sparked speculations that more price increases may happen in the coming weeks or months. More gains are welcomed to occur any time soon in order to relive the glory days when 1 BTC costs more than $1,000. Moreover, market watchers see this as a promising sign that the Bitcoin price will finally reach a point where more merchants will be attracted to adopt the digital currency.
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