The price of bitcoin has jumped up to about $236. Last week, we saw the price hovering around the low $220 range, and while the digital currency did undergo a surge over the weekend that saw it rise in price by nearly $50, it has now been suggested that this was all part of the present hacking scam…
It all started with BTER, where nearly $2 million were stolen by alleged cyber thieves. Now, the news has come forth that HitBTC was “hit,” along with Excoin and a number of banks. It is believed by some that the hackers somehow managed to get their hands on the price and manipulate it to suggest a massive surge. People would be so distracted that the string of future hacks set to take place would go unnoticed, and to some extent, if this is what happened… It worked.
Now the price has dropped back down, but the good news is that there is still a bit of a rise over what we witnessed last week, and we are faced once again with the age old question… What does make the bitcoin price go up and down? What are the primary factors affecting it?
Sometimes, it even feels like good news brings the price to a halt. Following the announcement of Coinbase’s Lunar Exchange, we witnessed a massive surge in price, only to see an equally heavy downfall almost a day later. Why so sudden, and why so drastic? Did the “lunar love” die off that quickly?
Now the string of hackings may have a negative effect on the price (similar circumstances were witnessed following the Bitstamp attack), so something is telling me that $236 is not something we should get terribly used to yet… So let’s enjoy it while it’s here and prepare for the future as best we can.