Bitcoin Price Skyrockets

Discussion in 'Bitcoin and Cryptocurrency' started by Eman, Jun 13, 2016.

  1. Eman

    Eman Member

    Bitcoin is on a wild streak, surging markedly over the weekend.

    Right now, the digital currency is sitting at $691 (£487.36) - and earlier this morning, it nearly broke the $700 (£493.70) mark, reaching highs of more than $697 (£491.59). (All figures come via bitcoin news site CoinDesk's price analysis tool.)

    In the space of a month, bitcoin's value has jumped by more than 30% - from around $450 (£317.38) in mid-May to the sub-$700 mark it is hovering around today.

    This is the highest bitcoin's price has been in around two years - it last broke the $700 mark back in February 2014, when it was trending downwards following all-time highs of more than $1,100.

    Bitcoin is infamously volatile. This time last year, it was just a third of its current value, around $230. But it has slowly regained value since, gathering pace over the last few weeks.

    The price surge comes ahead of a"halvening" or "halving" later this month. This is a reduction in the amount of bitcoins produced by mining - the process whereby computers dedicate processing power towards creating new bitcoin. When it hits, the amount of bitcoin being introduced in a set time period will halve. As you'd expect when supply is about to be constrained, the price is spiking.

    Previous recent surges have also beendriven by Chinese investors as the yuan at a time of a weak yuan.

    Here's the price of bitcoin over the last month:[​IMG]CoinDesk
    And here is the price of bitcoin since its inception:


    The price of bitcoin is skyrocketing ahead of the 'halvening'
    DedLift, Kakarot and Seven like this.
  2. ironhardempress

    ironhardempress Member Supporter

    i just bought my first bitcoin, it cost me 567.00 or around there. The transaction hasn't completed yet, apparently it will finish on the 16th. I am using Coinbase to purchase. this is my first time. Since I already initiated the transaction how will the surge in price affect me?
  3. Nutpuncher

    Nutpuncher Member Supporter

    I believe you are locked in on the price at the time of purchase.
  4. flenser

    flenser Member Supporter

    Should go even higher after a yes BREXIT vote : )
    MindlessWork and Eman like this.
  5. rugerjitsu

    rugerjitsu Member

    I remember buying bitcoins for under $10...still stings a little that I didn't stockpile back in the day!!
    Seven and Eman like this.
  6. Nutpuncher

    Nutpuncher Member Supporter

    What's your thoughts on buying now because price dipped from recent high?
  7. Malibumatt

    Malibumatt Member

    I think price are going to continue to rise until the halving in July. Just my opinion. After the halving I would be worried.....

    Sent from my iPhone using Tapatalk
    Nutpuncher likes this.
  8. Nutpuncher

    Nutpuncher Member Supporter

    Cool. I just purchased some few days ago about $50 below current price. I'll either cash out or make some purchases no later than next week because I don't have risk tolerance to hold out until closer to halving. And because I use coinbase and it doesn't allow you to set upper/lower limits for buys and sells
  9. Malibumatt

    Malibumatt Member

    I use coin base as well, and that's he only complaint I have about it. I downloaded another app that will let you set notifications by price. It is very helpful. Good luck, and hope you make a few bucks!

    Sent from my iPhone using Tapatalk
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  10. Masters Power

    Masters Power Member Supporter

    You are locked in at your buy price and can use, hold or sell at a profit (assuming the price is still up) when your account is credited.
    Malibumatt and ironhardempress like this.