Tension as Bitcoin Price Soars Back Into $2700 Zone
Well, it looks like the bitcoin price is going on another bender. Taking a sharp upturn over the past 24 hour period, it hit $2,754 USD on Coinbase before dropping back slightly. At press time, it had bounced back to sit around $2,750.
This more-or-less completes bitcoin’s recovery from the great plunge of 26th May, when it crashed from around $2,800 back to just above $2,000. Since then it has been clawing its way back to respectability, though with a few nail-biting “corrections”.
Be thankful we live in times where BTC just over $2,000 is a post-crash tragedy. 2014 and 2015 look upon us with jealous rage.
Yes, but What’s the Bitcoin Price in Asia?
USD prices are nice, but with East Asian countries driving the trading action lately it’s important to take a peek over there.
Japan’s QUOINE recorded a peak today of ¥313,000 JPY ($2,840) and rival bitFlyer is currently selling them for ¥314,870 ($2,860) a pop.
Over in South Korea, even Japan seems puny. Korbit will give you a bitcoin in return for 3,247,500 KRW. That’s just over $2,900 USD, folks. Let us know when you’re planning to move to Asia to set up that local bank account for arbitrage.
BitKan shows Chinese exchanges offering around ¥19,500-600 RMB ($2,860-80) which still tops the U.S. local price. If you’re brave enough to trade USD on China’s international exchange OKCoin, you could get $2,925 — as long as you’re confident you’ll be able to withdraw it.
Stay Onboard for a Wild Ride
Wouldn’t we all love to know! However Bitsonline’s in-house technical analyst, Ramiro Burgos, predicted yesterday that the bitcoin price would top $2,760 once more (he’s already correct) before possibly topping $3,000.
Should that happen, it’ll be a tense period in bitcoin as holders (hodlers) must decide whether to take temporary profits, or hold on for the possibility of greater rewards, as investor fiat continues to flow into the digital economy.
Are you buying, selling or hodling? Let’s hear your opinions.
Image via Pixabay