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Why did bitcoin rally in 2017

From $ to $20, The Historic Price of Bitcoin in

University of Texas Professor John Griffin and Ohio State Assistant Professor Amin Shams claim their latest research of bitcoin transactions between March and March shows that bitcoin was manipulated through large-volume trades that drove the price up.

The price of bitcoin is notoriously volatile, susceptible to reacting strongly to geopolitical events and regulatory rulings concerning cryptocurrency. It remains prone to sudden swings in price, which some attribute to market manipulation by so-called bitcoin whales that are able to influence the price through a single trade.

It remains a long way off its highs, though some market analysts believe its upward trajectory will likely continue in the long term. Other cryptocurrency experts claim that despite the historical turmoil, bitcoin will continue to rise in price and could eventually recover to levels. Some advocates even believe bitcoin is still a long way from reaching its full price potential, with figures like John McAfee and Tim Draper arguing that its scarcity means it could grow more than fold in value over the next few years.

A website set up to track his prediction shows that it is currently more than 90 per cent behind being on track.

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Want to bookmark your favourite articles and stories to read or reference later? And while the SEC has since moved to review that decision — a process that is still pending — markets at the time reacted poorly, perhaps because some were betting that the U.

And despite the reluctance expressed by the SEC at the time, a number of firms have filed to create bitcoin ETFs, with a particular focus on funds tied to cryptocurrency futures. If there was one phrase to define the period between May and September of this year, it was this: a new all-time high for bitcoin. Perhaps one of the most noteworthy developments was the entry of major Wall Street analysts to the bitcoin price-watching game.

If is any indication, all bets are truly off. Balloon image via Shutterstock. Read more about Prices Bitcoin Review Features Evergreen.

Bitcoin’s record price surge of 2017 was caused by a single person, study claims Upcoming inflation has switched Carter's focus to Bitcoin

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