The march goes on. Bitcoin price strikes $500.
The Bitstamp Price Index bulldozed its way beyond $450 earlier today and has now reached $500, a figure struck at 13:20 UTC.
The increase in price charts a remarkable rise from the beginning of October when the price of bitcoin opened at $237.15. In a little over a month, the price has since more than doubled.
Bitcoin price has today reached a high of $502 and has since decreased to $492.72 at the time of publishing.
Experts point to various reasons including the increased outflow of capital away from China. A stagnating economy saw the Chinese central bank cut rates recently and the opening of the Gemini Bitcoin exchange are all cited as factors for the increase gains made by Bitcoin.
Bitcoin price also strikes $500 in the lead up to the final auction of Silk Road assets. 44,000 BTC is open for bidding and that’s $21.9 million in today’s bitcoin rates – more than doubling the $10.6 million value of the bitcoins at the time when the auction was announced last month.
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Featured image from Shutterstock.