Bitcoin Hits That $500 Sweet Spot!

The price of Bitcoin has really jumped over the past week. At the time of writing the price on Bitstamp is $498 USD per BTC. Just six days ago on May 22nd, the price was only $438 per BTC and has been steadily climbing upwards since that day.

As many people have their eyes glued to the Ethereum markets, and the DAO crowdfund the value of Bitcoin snuck up from behind them. Last night the price reached $500 per BTC, and the value was $475 the day before that. Eyes are also glued to China as markets in the region shudder, and the Yuan devalues further. Chinese Bitcoin trading has shot through the roof in the past 24 hours and exchanges have had higher spreads than many spot prices in the U.S.

Overall the value is up 4-6% depending on which exchange hemisphere you’re measuring on. This has caused feverish HODL enthusiasm across all social media boards, and people feel the surge could prove to be a rally. As said above cryptocurrency supporters have been watching Ethereum markets very closely, and some wonder if the sharp decline in its native tokens value

Read more ... source: LiveBitcoinNews