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Are the Winklevoss Twins Bringing the Bitcoin Price Back Up?

Source: bitcoin

Winklevoss

The bitcoin price is back up! Following a scary and wavering period of political turmoil and financial devaluation, bitcoin has returned to $670 USD and beyond at press time.

Also read: Bitcoin Price Down, But Gaining Popularity in UK Following Brexit

Bitcoin is getting people excited again, and the reasons for the rise are likely due to several factors.

For one thing, the Brexit vote has come to an end. Britain is leaving the EU, and while anti-Brexit petitions are in the mix, no move has been made on those yet.

In that time, bitcoin encountered its heaviest drop in recent days, but trading among British investors and cryptocurrency hounds was at an all-time high, according to  Jesse Powell of San Francisco-based bitcoin exchange Kraken.

Trading was at its highest point within 24 hours of the Brexit vote, and many UK residents seemed eager to switch their savings to something they thought was a little more “trustworthy” (the British pound had fallen 10 percent against the U.S. dollar in that time).

Now that the vote is over, bitcoin looks to be rebounding, but another reason may have to do with those ever-popular Winklevoss twins, made famous in the Oscar-winning production, The Social Network.

Winklevoss Bros Bringing the Bitcoin Price Rally?

Cameron and Tyler are now making headlines with their new Winklevoss Bitcoin Trust, which has recently switched to BATS Global Markets.

Still headed for a listing on the Nasdaq, the Securities and Exchange Commission confirmed last Wednesday that the organization will now be a choice among popular ETFs, as the exchange executed nearly 25 percent of US ETF trading last May.

If the Winklevoss twins get their way, the exchange will be the first SEC-approved and regulated bitcoin platform, and will trade under the ticker symbol COIN. Naturally, the Twins’ primary exchange Gemini (based in New York), will serve as the trust’s custodian.

“We are excited to add the Winklevoss Bitcoin Trust,” explains Laura Morrison, present head of BATS.

A little publicity Winklevoss-style always seems to get bitcoin ahead in the record books, and this scenario is no exception. Whether bitcoin will rise beyond $700 remains to be seen, but the digital currency does appear to be attempting its long trek up the financial mountain yet again, and we can only wait and see where things lead in the coming months.

How fast will the bitcoin price rise again? Post your thoughts and comments below!


Images courtesy of Brian Snyder via Forbes, CNBC.

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Are the Winklevoss Twins Bringing the Bitcoin Price Back Up?

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Bitcoin Price Bursts Ahead, Nearing $700 USD

Source: bitcoin

Bull Market Bitcoin Price

As if there were any doubts among fans, Bitcoin has proven to be as innovative and surprising as ever. In what has been a long-awaited moment, the bitcoin price has risen beyond what anyone expected and is hovering at around the $682 mark at press time.

Also read: Counterparty: The Fuel for Bitcoin Price Stability?

Naturally, the next step is to go even further. Many are wondering if $700 isn’t just wishful thinking, anymore. While predictions regarding a further advance may be unclear at this time, bitcoin fanatics everywhere are celebrating like they mean it.

Jose Rodriguez, VP of payments for Mexico-based bitcoin exchange Bitso, explained with enthusiasm:

“Today we had the highest price in MXN since we started operation in April 2014. This is the highest registered price. In 2013, there were still no bitcoin exchanges in Mexico. We believe in the technology and its applications and use cases to bring better financial services for humanity, and not only speculation.”

Bitcoin Price Rises in Midst of Global Instability

As we approach the oncoming Bitcoin halving, it seems that Bitcoin is attempting to prepare itself for when production is cut down. Are more people purchasing bitcoin hoping to stock up before miners reduce their work by half?

The other potential factor contributing to the rise in price could be what’s being called the “Brexit vote.”

The UK is presently pondering whether or not to leave the European Union, and many of its politicians feel that a vacation from the EU could ultimately cause harm to its economy. Some have suggested that Bitcoin is being purchased by Europeans who are fearing the worst.

Regardless of the circumstances, the price of bitcoin is higher than it’s ever been, and many of us couldn’t be happier. As one analyst claims:

“In yet another large single day move, bitcoin price surged from $580 to $650… The popular USD exchanges have mostly achieved the $650 level… There seems to be additional advance in store.”

However, words of caution are still being thrown out to those who will listen, as a downward jolt of the coin’s price is still expected to hit hard within the coming months:

“The bitcoin price… is surging higher as bullish trade easily scales the order books during low liquidity weekend trade. Given the pace of advance, the $680 level may be achieved within the next 24 hours. It seems a futile and often-failed call, but at some point the bitcoin price… can be expected to put in a massive downward price correction. It may occur from the $680 level, so trade long aggressively but with caution.”

Will the bitcoin price hit $700 soon? Post your thoughts and comments below!


Images courtesy of coins-info.com.

The post Bitcoin Price Bursts Ahead, Nearing $700 USD appeared first on Bitcoinist.net.

Bitcoin Price Bursts Ahead, Nearing 0 USD

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