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Bitcoin price rises again, makes new all time high

Bitcoin , Bitcoin news , Bitcoin price

Bitcoin Price makes New All-Time High at $2,933, Closing on $3,000

 On 6 June 2017, Bitcoin price rosed again and made a new all time high at $2933. It even touched $3000 and closed around  it.

Although in Indian market, Bitcoin was trading around INR 2,05,000. The virtual currency’s  price was INR 2,25,000 in Indian markets, in the month of may when it made it’s high at $2700. The premium on Bitcoin prices in Indian markets have reduced.

Bitcoin price is picking up again after it fell from $2700 to $1900 in the month of may. Experts believed that the price of the virtual currency would correct more. But on the contrary, the cryptocurrency’s price started to recover and now made another new All-Time High.

During  the initial decline of the price of the cryptocurrency, Bitcoin analysts including WhalePanda and RT’s Max Keiser mentioned that:

Bitcoin had always recovered beyond the peak of the initial bubble and has proven to rise in value in the mid and long run. Keiser, in particular, noted that the price trend of Bitcoin will repeat until it hits $100,000 in the future when the market cap of Bitcoin enters the trillion dollar region.

For instance, Bitcoin fell from $2,700 to $1,900 in a period of two days from May 25 to May 27. However, within less than two weeks, the price of the cryptocurrency recovered beyond its previous peak established at $2,700 by surpassing $2,900 and reaching closer to $3,000. Keiser and many ryptocurrency analysts believe that this trend will continue until Bitcoin challenges reserve currencies and current monetary systems in existence.

Reasons: Why Bitcoin price is increasing?

The price of cryptocurrency is rising due to strong fundamental reasons. As Bitcoin and cryptocurrencies is now a global concern topic, news coming from across the globe affects it’s price. Some of the latest news and reasons which are causing the virtual currency’s price to surge:

->Mass adoption as a currency and Global recognition has been observed, specifically from Asian  zones. Russia soon to follow the same.

->Scaling discussion and possibility of SegWit activation caused a surge in the price of the digital currency.

->Bitcoin withdrawals, resumed by major Chinese Exchanges such as OkCoin, Huboi.

->Around Eighteen players filed application for opening Bitcoin Exchange in Japan to meet the rising demand. Out of Eighteen, Ten are debuting the digital currency sector. Also, GMO opened a Bitcoin exchange to address the explosive increase in demand for the digital currency from local casual and institutional investors.

->Major adoption of Bitcoins as a currency coming in from Japan

->Also,the Australian Government officially removed the Double Taxation policy on the digital currency.To revive Australia’s cryptocurrency market, this move was made by the Government. This also caused a spike in  prices. The government also says, Bitcoin can be used “Just Like Money”.

->Bitcoins are now being considered “Safe Investment”, says Hong Kong’s Bitcoin exchange, Gatecoin’s Marketing Head.

What Next for Bitcoin?

Experts, traders and analyst believes that the price of the digital currency will continue to rise more. It may touch $3500 before making another correction.

As newbies keeps on asking when is the right time to enter into Bitcoins, author at KryptoMoney.com always believes:

“For long term perspective, any time to enter into Bitcoin is a good time.”

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