Bitcoin is being Bitcoin and spiking 30% this week and 200% this year

It feels like we only hear about Bitcoin when the price is either tanking or skyrocketing. And, since it’s currently skyrocketing, let’s talk about Bitcoin!

As of writing, Bitcoin is hovering around $745 per coin. It has only been worth this much twice before – once on the way up to the height of the Christmas 2013 bubble, and once on the way down.

But since trading at lows of around $230 one year ago, the price has been slowly increasing until a few weeks ago, when it started going crazy. Screen Shot 2016-06-16 at 1.21.31 PM

So of course everyone wants to know why. But like any public market, there really is no way to possibly know what is actually driving the price up. But we can guess, so here are a few things that could be behind this price spike.

The Halving

Ever heard of the halving? Well if you follow Bitcoin and haven’t, get ready for it to soon dominate the cryptocurrency news cycle. Let me explain. Bitcoin was designed as deflationary currency – there will ever only be 21 million coins

Read more ... source: TheBitcoinNews