Bitcoin’s Price Rise Explained By Industry Insiders

Bitcoin enthusiasts from across the world revelled in the news that the digital currency’s price reached a new annual high earlier this week.

The cryptocurrency peaked at $333.75 at 08:16 UTC on 30th October, reaching its highest level since January 2015 – when it famously dropped below the $200 mark.

Speaking to CoinDesk, Bobby Lee, CEO of China-based bitcoin exchange BTCC, attributed bitcoin’s recent surge to a series of factors, saying:

“I think this price rise is a combination of the recent increased usage … and also the recent good news in the industry, such as the no-VAT ruling in Europe, the end of the auctioning of Silk Road bitcoins, etc.”

“Once again, people are re-discovering the many positive aspects of using bitcoin for payments as well as for holding bitcoin as a decentralised, safe and appreciating digital asset, immune to national central bank policies,” he continued, adding that BTCC has seen a surge in trading activity .

“It’s been slowly rising since mid-September,” he noted.

Macro economic events

Speculation about bitcoin’s price movements has always been rife with commentators often examining global macro economic events in an attempt to decipher the fluctuations.

According to the Bitcoin Price Index, the digital currency’s price has been steadily rising

Read more ... source: TheBitcoinNews