A bitcoin price rally has taken place recently after a brief test of the $200 support level. Some market analysts attribute this to the return in risk appetite, caused mostly by the pickup in commodities and oil prices, but others believe that there have been other factors in play.
Bitcoin is typically considered a high-risk investment, along with other riskier holdings such as equities and commodity currencies. Prior to the bitcoin price rally in the past few days, the cryptocurrency had been heavily weighed down by speculations of a sharp downturn in China and the prospect of another global inflation slump.
Sustainable Bitcoin Price Gains?
In an article on Benzinga, staff writer Deepak Bharadwaz pointed out that Barclays’ recent announcement on accepting bitcoin for charitable donations may have boosted demand for the cryptocurrency. After all, bitcoin has been previously associated with criminal dealings and has been targeted by some regulators so the acceptance of a major bank has been a vote of confidence.
For some, this could mark the first big step towards mass adoption among other financial institutions. As of this writing, Barclays is the largest bank to have accepted bitcoin, although the bank clarified that it