Bitcoin Price Jumps Back Up to $430

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Following China-related reports that caused investors to panic and bring the price of bitcoin down to $340 at the Bitstamp exchange, we’re seeing a nice jump back up to the $430 range at the time of this writing.

The price is up over 7 percent in the past day or so, reaching a high of $432 (so far).

News this morning that the People’s Bank of China Governor said that China has no intentions of banning the use of bitcoin are likely the reason for the climb.

The bitcoin price took a beating this week when various exchanges announced some of their banking partners were closing accounts in use, but now that an authoritative figure has swatted down notions of a full-on ban there seems to be some calm.

Of course, this is bitcoin, and these fluctuations are to be expected, after all.

What do you think the price will do next?