In signs reminiscent of November’s early price surge, Bitcoin price is climbing with an upward trajectory and striking similar numbers achieved in the first week of November.
Today, the Bitstamp Price Index (BPI) struck $450 in an upward swing following a late rally from $439.08 at 10: 02 PM UCT on December 14. Bitcoin price opened at $443.34 at midnight UTC before a 2-hour period which saw the BPI strike $450.06 at 2: 17 AM UCT.
At the time of publishing, Bitcoin price stood at $455.09 while the day’s high reached $456.08.
Bitcoin price recently soared past $400 on Wednesday last week, December 9th with market experts and analysts looking to the significant news story of the alleged unmasking of Craig Wright as Bitcoin’s pseudonymous creator, Satoshi Nakamoto. The recent surge may have also been a factor of increased trading in Bitcoin as a direct consequence of China’s tightening of its capital outflows.
A recent nationwide crackdown of illegal UnionPay point-of-sale devices may have also led to an increased volume of trading through Bitcoin in China, as pointed out by finance blog ZeroHedge .
Bitcoin’s bullish sentiment was touched upon by CCN.com resident analyst Venzen Khaosan in yesterday’s Bitcoin analysis article. The author also wrote about capital outflows from China with record numbers in November that saw a decline in China’s foreign currency reserves.
China’s Central Bank recently made the call to slash bank rates again, which is likely to have factored in more Bitcoin adoption.
Altogether, it’s entirely plausible that the current Bitcoin run that commenced toward late September is heavily influenced by the rising demand in China, a country that accounts for over 80% of all bitcoin transactions globally. China’s own Cyberspace Administration recently acknowledged the cryptocurrency, citing that it can “no longer ignore” Bitcoin’s revolutionary changes even though it claimed “people think bitcoin and its technology – the blockchain was not stable.” The Chinese Cyberspace Administration’s (CAC) announcement was made in a publication in October.
For a live Bitcoin Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Featured image from Shutterstock.
