The Bitcoin price has been one of the hottest topics in the entire investment world this month, whether within mainstream circles or within the Bitcoin ecosystem. Bitcoin started the month trading at under $530 USD , and within two weeks surged to as much as $780 USD, before leveling out at their current levels, about $200 USD ahead of May’s price. The heat in the Bitcoin market
As we head to the halfway point of probably the most important year in the digital currency’s history, BitPay CCO Sonny Singh discussed the main reasons for the heat in the Bitcoin market before the days of summer.
Regardless of one’s previous investment portfolio, anything that grows over 40% in a couple of weeks is going to draw even a mainstream crowd. Bitcoin is entering its halving event in less than three weeks, so now is the time to expect great volatility.
Singh has submitted the following analysis in regards to the global Bitcoin markets as of late. Not surprisingly, it all starts in Bitcoin’s largest mining and exchange market. “China,” says Singh to Bloomberg West .
He continues: “There’s been a lot of activity having China’s (Yuan) price run up about a month ago, and the Yuan was starting to be devalued, and capital controls were starting to go into effect. The people were using (Bitcoin) as a way to get some money into a currency that is not being depreciated.” Brexit, gold, silver and Bitcoin halving
Singh also made sure to note that Bitcoin was up over 35% in 2015. In comparison, the U.S. Dollar rose less than 10% last year.
Next up is the Brexit vote this week. As seen last summer during the “Grexit” fiasco, Singh suggests Bitcoin could be seen as an international investment ‘safe haven’ in this time of national […]
