Bitcoin Price Breaks $305, What Next?

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The bitcoin price has recently passed $300, and is currently hovering around $306 on Bitstamp. The price has increased by a whopping 22% in the last 24 hours. Over the past 3 days, the change in the bitcoin value was +33.61%.

Sarah Hody, a lawyer working for digital currency exchange Coinbase, tweeted about the sharp increase of the bitcoin price within the last day.

Other Twitter users also noticed the price spike. Brian Patrick Eha, a journalist currently writing a book about bitcoin and the Silk Road marketplace, posted a tweet saying:

Banking and payments consultant Faisal Khan attributed the spike to the price passing a “psychological barrier”.

At the start of the year, the value of 1 bitcoin fell by over 15%. This drop created a stir in the bitcoin community, and generated mixed reactions.

Some people believed that the digital currency’s value fell at the start of 2015 because it was overvalued.

When the price fell below $200, Quartz published an article saying the crash was “worse than both crude oil and the ruble”, pointing out that the cryptocurrency had lost approximately 76% of its value over the previous 12 months.

However, it seems that bitcoin is headed upwards, at least for the time being.

Do you believe the bitcoin price will increase or decrease in the coming days? Share your thoughts in the comment section below.

Coinbuzz

CoinBuzz provides news and analysis on Bitcoin and other digital currencies. Founded in 2014, the site has quickly become a leading source of information on digital currency technologies, businesses, markets, and regulation.

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5 Comments on "Bitcoin Price Breaks $305, What Next?"

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YeahRight
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YeahRight

What’s next? Nothing. The price of bitcoin is the result of continuous pumping and dumping. Anybody can check for themselves by watching the trading activity on bitcoin exchanges.

Talkabit
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Talkabit

I disagree with you. I think it is caused by regular users like you and me buying and selling based on the news (eg the multimillion $ coinbase investment = bullish)

But i’m curious, who do you think this so-called “continuous pumping and dumping” is led by?

YeahRight
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YeahRight

Why would I ever invest in a manipulated security? Only suckers do that kind of foolishness. Who is doing the pumping and dumping? I believe they are called pumpers. Oh, my, stocks are not for you… unless, of course, you are one of the criminals. In that case, congrats, you are doing a great job separating fools from their money. :-)

Talkabit
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Talkabit

Do you have any proof or are you just speculating? There are many legitimate bitcoin investors including the winklevoss brothers and they would know better if bitcoin was really a pump and dump…

YeahRight
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YeahRight

You mean there are lots of suckers and those who fleece them? Of course there are. A new sucker is born every minute.

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