Blockchain

Bitcoin crossed $200, but who is playing See Saw with it?

I think the world is coming to terms with the concept of Bitcoins. Amidst all the risks and rewards, early enthusiasts are happy it crossed $200 mark. There are many reasons which are impacting the trading of Bitcoins. Some of the major updates which have either raised Bitcoin value or decreased Bitcoin value include:

  1. Last week’s seizure of Bitcoins from FBI worth $28.5 Mn from Silk Road’s founder. On October 25, 2013 Forbes reported that FBI seized an additional 144,000 Bitcoins from Ross Ulbricht. The siezure resulted in the reduction of Bitcoin's value by 10%.
  2. Public Announcement from Michael Novogratz, co-chief investment officer of macro funds at Fortress Investment, one of Wall Street’s best known hedge fund businesses. He said that he had invested his own money in the currency. He also suggested to “Put a little money in Bitcoin. Come back in a few years and it’s going to be worth a lot.”
  3. On October 27, 2013 Vancouver bitcoin trading company Bitcoiniancs ordered five of the ATMs from Nevada-based RoboCoin. This meant that Canada will see the first ever publicly-available Bitcoin ATM this week.
  4. Bitcoin has managed to quickly recover despite the Silk Road seizure. This has inserted confidence in investors and has made people look at it as a good investment option.
  5. Sudden spike in interest in China regarding Bitcoins. The CEO of Bitcoin trading platform Tradehill says “Bitcoin interest has risen tremendously in China over the last few months.”  One of the reason for hike in interest in China could be the Baidu’s decision to accept Bitcoins.

Let me give you a bonus 6th and 7th point:

- Bitcoin - Cryptocurrency - Blockchains are being accepted in more and more places online and people are learning newer ways to mine bitcoins, here is a list

- Marc Andreessen recently showed great optimism about the currency and said, it feels like (meant, as big as) the early days of internet.

Please Note: Title and content was updated.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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