Bitcoin Price Stabilizes at $900

The Bitcoin Price has leveled out at about $900 / Coin at present. The Bitcoin price rose dramatically, almost touching the all time high of $1200+ but it then fell back sharply last week within 24 hours to around $850. The Bitcoin price appears to have stopped it’s freefall and is hovering between $850 – $900 a coin.

One of the main reasons for the sudden fall was announcements by Chinese Banks and the fact that there have been fears china is going to regulate Bitcoin, and chinese exchanges is where the majority of trading takes place.

The people’s bank of china recognizes Bitcoin as an asset rather than a currency and they are planning to investigate weather Bitcoin is being used to evade capital controls. Events in china have a direct impact on the price of Bitcoin. If events came to a head and the great firewall of china attempted to block Bitcoin there would end up being two forked chains at worst.

Both Bitcoin and Litecoin are heavily influenced by China, who have the ability to make the cheapest mining hardware and also have reasons to use it to store wealth. It is likely that $900 will become the new support price of  Bitcoin and it will most likely stabilize here for a while before going up further.

Also Read  Bitcoin price stabilizing

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