Bitcoin BoardAfter a long downtrend since January 2014 the Bitcoin price has started to rise again, up 26% to $570 in the past 7 days. There has been a lot of good news around BTC lately that has fueled this recent surge.
Ripple Selloff
Last week the founder of the Alt Currency Ripple announced that he would sell all his Ripple coins within the next 2 weeks. The community has lost all trust in the coin and founder, and a big selloff has started in the past 7 days. Ripple has lost 49% of its value in the past 7 days. Most of the sold Ripples have been converted to Bitcoin or Litecoin, which gives a reason for the recent Bull run.
Downwards pressure through bad news
Although there have been several great accomplishments in the past months for Bitcoin, the price didn’t seem to react accordingly. This was due to downwards pressure from the Mt.Gox crash, Negative news coming from China, and mostly the downwards retracement from the last bubble. Now that the dust has settled somewhat, people are starting to look up again and price-in the recent good news.
Bitcoin ETF
The Winklevoss twins have shown interest in opening up the first Bitcoin ETF. With this ETF, the average Mom and Pop user can invest directly from their brokerage firm into Bitcoin. Each dollar invested in the ETF will be converted to physical Bitcoins which are securely stored by the Winklevoss twins. This way people can’t lose their Bitcoins while still enjoying the price increase, and the satisfaction of owning them.
Circle
Online wallet Circle was released earlier this month opening up for registration. Unfortunately the exchange is invite only as of this moment, because Circle wants to release its product in stages. You can register for an invite on their website. Start expecting an invite in the forthcoming months!
