This morning the masses decided it was time to jack up the price of Bitcoin once more. As it’s gone the last several times when Bitcoin’s price VS USD’s gone up, the rest of the market – most of the rest – has gone down. Ripple’s XRP coin took a hit just as Bitcoin began to rise, pushing the price of XRP down VS BTC at a rate even faster than it’s gone over the weekend.
Bitcoin price is rising today for a few reasons. One is Martin Luther King Jr day in the United States. While not all businesses are closed, one whole heck of a lot of people are at home with their kids. Without school, hobby traders are at home, dropping their Christmas cash into Bitcoin in full effect.
Last week there was a bit of a scare for investors as one of the most radically invested countries in cryptocurrency hinted at a total ban. South Korean officials were at odds with the announcement of the possibility of consideration of such a rule, but clarification since then has tempered attitudes toward the market in general.
Over the past several months there’s been a bit of a trend in Bitcoin prices that may or may not correlate. It would appear that whenever tempers are even, and news is relatively slow for cryptocurrencies in general, the price of Bitcoin goes up. When bad news comes for Bitcoin, altcoin prices go up while Bitcoin goes down. Keep an eye on the market VS the news and you’ll see the trend continue to rock.
As it is with all cryptocurrency, Bitcoin, and blockchain posts of all sorts, no information we share at SlashGear should be taken as financial or investment advice. Seek out your professional investment specialist, someone whose willing to take the chances with your cash and allow you to go hot wild with profit. We’re here to report the news, the trends, and the interesting bits and pieces in-between.