Bitcoin Price Surges past $270, Influenced by Global Economy

Bitcoin price has crossed the $270 mark, which is really good news for bitcoin after it fell drastically from the $300 pedestal in July. The prices have touched $270 a couple of times since then. From the past few days, the bitcoin price has seen a positive trend. The trend seems to be influenced by a lot of reasons. But the most important reason for prices to shoot further up from previous price point seems to be influenced by reports pointing towards a global economic slowdown.

Bitcoin price received an initial boost after the main Chinese exchanges Huobi and OKCoin experienced a surge in bitcoin trading. Increased trading among the Chinese maybe influenced by the Chinese economy experiencing a slowdown, which was confirmed recently by Chinese Premier Li Keqiang in a speech while addressing heads of various provinces. His statement has led to speculation about further devaluation of Chinese Yuan, influencing people to invest in alternative assets like bitcoin.

On the other front, the United States doesn’t have any good news either. Confidence in the US economy seems to be waning away among the general public. A recent poll by CNNMoney and Read more ... source: TheBitcoinNews