The price of bitcoin rose above $300 (£196, €272) for the first time in three months on Wednesday (28 October), following a sustained price rally throughout September and October. The most recent price surge comes less than a week after the European Court of Justice’s ruling that bitcoin should be considered a currency.
Bitcoin last rose above the $300 mark during a brief price spike in July, however, the last time the cryptocurrency was valued at more than $300 for any prolonged period was in January. Since then, bitcoin’s price has fallen to as low as $177 (£116, €160), according to some price indexes. At the time of publication, CoinMarketCap had bitcoin’s price at $301 with a market cap of $4.4bn (£2.9bn, €4bn).
It is difficult to attribute bitcoin’s price increase to any single factor, though some analysts have put it down to the ECJ’s recent value added tax (VAT) ruling. The ruling stated that bitcoin transactions “are exempt from VAT