Bitcoin Set For A Restart
Jim Makos | May 26, 2014 12:56AM ET
It’s been 6 difficult months for (Bitcoin), most notably due to the leading exchange’s collapse, MtGox. Bitcoin collapsed down to $350 from the highs of $1,150 and is currently trading for $570 at Bitstamp. Will the recent rise help the real Bitcoin stand up?
Price manipulation is suggested as one of the reasons for the extreme rise in 2013. A report puts the $1,200 bitcoin price to MtGox fraud, although other factors certainly affected its price. As all that is now history, this month Bitcoin regained trust and is back on track for yet another uptrend (?). And this time, lessons have been learned.
So, Bitcoin is set for a restart (as I shared at TradingView last week). At that time, Bitcoin had just had the first day of demand spiking, while the price had cleared off the downward trend line. At the time of writing these words, Bitcoin is up 16% since then.
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