Bitcoin was in the mainstream media headlines again this week, as an official cash ban in India led to speculative spike in Bitcoin demand. On most occasions, it is the Chinese, fleeing capital controls via Bitcoin as a safe, censorship resistant asset. This time, it was their neighbours, after Prime Minister Modi abolished the 500 and 1000 Indian rupee note.
Demand on Indian exchanges and p2p marketplaces shot up, as the digital currency traded at $1000 in India versus a $750 global average. 8000 miles away, in the United States, Coinbase was fighting off an unprecedented legal request by the IRS to access its customers’ history. Meanwhile, 2015’s divisive bitcoin block size debate resurfaced as Segregated Witness, a soft fork proposal gained 26% adoption by mining nodes.
Bitcoin Gears up to break the all time high
Bitcoin is back on a bull trend, and the market sentiment is calling for a go at the $1000+ all time high! Upward pressure on price is absorbing speculation on China’s Yuan devaluation and economic uncertainty on what a Trump win portends. Bitcoin core fundamentals are revving up for an upgrade to SegWit code 0.13.1 and the price of Bitcoin is heading up to $900 in the coming weeks, just in time for Christmas!
As of writing this, price is at $715.92, having retraced from $750. This week, price consolidated at the $700 for a couple of days, dipping as far as $685. A deep V-shaped bottom resumed the trend up, a reflection of the intent that has buoyed price 24% higher month on month.
This week, the price of bitcoin pulled out strongly from the depths of $403, forming a triple bottom on a rising trend line, for a firm launch at $420. For some time now, $420 has been a significant resistance level, pushing back on price at a series of attempts to break above it.
This week, a s...