Over the past week, Bitcoin’s price has risen sharply thanks to a renewed rise in public opinion.
On 19th February Bitcoin was traded for 387 Euros, an increase of 11% compared to the price on 12th February.
This development contrasts sharply with the development between 4 and 11 February, when Bitcoin roughly fluctuated between 335 and 350 euros. On 12th February the price rose from 334 to 342 euros, a trend that led the next day to an average price of 346 euros. After that there was a slight loss, but the Bitcoin price recovered for the rest of the week.
According to data from Bitcoinity, a total volume of 15.2 million Bitcoins was traded during this period. OKCoin was responsible for 47.45% and Huobi for 44.92% of this transaction volume.
Price also rose due to the news spy
In parallel with the news spy, banks in both the Euro-Zone and China announced that they would take a closer look at blockchain technology. The European Central Bank announced on 17th February that it will investigate to what extent this infrastructure technology could be useful for payment and insurance operations. On the other side of the world, Zhou Xiaochuan, president of the Chinese Volksbank, said in an interview with Caixin Weekly that the central bank is investigating various technologies, including the blockchain, to build and manage an electronic cash network.
Finally, the Australian Securities Exchange (ASX) has made speeches and announced plans for a technology program in which the blockchain would be a part of it.
These developments are certainly positive, but they do not change Bitcoin’s current challenges such as the Blocksize debate. These technical problems continue to create some uncertainty in global markets. However, if the community behind Bitcoin overcomes these difficulties, the attitude towards Bitcoin could continue to improve. Tim Enneking, Chairman of the Crypto Currency Fund, a hedge fund focused on digital currencies, predicts that Bitcoin will see a massive jump in prices.
New confidence in Bitcoin secret
The price of Bitcoin secret has risen worldwide thanks to a better opinion of traders again. In addition, the market has received a tailwind from the increasing adoption of Bitcoin and Blockchain technology. This is what onlinebetrug found out about the Bitcoin secret.
The negative impact of Mike Hearn’s farewell, which led to a 15% price drop, seems to be slowly fading with this week.
Hearn, who was one of the developers behind Bitcoin for more than five years, said that the Bitcoin experiment had failed, a statement passed on by many major media companies. One of Hearn’s main arguments was that the small block size led to an extremely unstable network. This extremely pessimistic view is contrasted with other statements which see in the current difficulties only the normal insanity of an emerging technology.
“The biggest challenge for Bitcoin is its own success,” says Enneking, “If the number of transactions continues to grow so strongly, Bitcoin will hardly be able to keep up. ”
Enneking predicts that the Bitcoin community will take its time with decisions, but says that it is “better to make a suboptimal decision than no decision at all”.
Despite the lack of a solution to the blocksize problem, Bitcoin’s price has recovered from its low of below 340 Euros.