The bitcoin price is back up! Following a scary and wavering period of political turmoil and financial devaluation, bitcoin has returned to $670 USD and beyond at press time.
Bitcoin is getting people excited again, and the reasons for the rise are likely due to several factors.
For one thing, the Brexit vote has come to an end. Britain is leaving the EU, and while anti-Brexit petitions are in the mix, no move has been made on those yet.
In that time, bitcoin encountered its heaviest drop in recent days, but trading among British investors and cryptocurrency hounds was at an all-time high, according to Jesse Powell of San Francisco-based bitcoin exchange Kraken.
Trading was at its highest point within 24 hours of the Brexit vote, and many UK residents seemed eager to switch their savings to something they thought was a little more “trustworthy” (the British pound had fallen 10 percent against the U.S. dollar in that time).
Now that the vote is over, bitcoin looks to be rebounding, but another reason may have to do with those ever-popular Winklevoss twins, made famous in the Oscar-winning production, The Social Network.
Winklevoss Bros Bringing the Bitcoin Price Rally?
Cameron and Tyler are now making headlines with their new Winklevoss Bitcoin Trust, which has recently switched to BATS Global Markets.
Still headed for a listing on the Nasdaq, the Securities and Exchange Commission confirmed last Wednesday that the organization will now be a choice among popular ETFs, as the exchange executed nearly 25 percent of US ETF trading last May.
If the Winklevoss twins get their way, the exchange will be the first SEC-approved and regulated bitcoin platform, and will trade under the ticker symbol COIN. Naturally, the Twins’ primary exchange Gemini (based in New York), will serve as the trust’s custodian.
“We are excited to add the Winklevoss Bitcoin Trust,” explains Laura Morrison, present head of BATS.
A little publicity Winklevoss-style always seems to get bitcoin ahead in the record books, and this scenario is no exception. Whether bitcoin will rise beyond $700 remains to be seen, but the digital currency does appear to be attempting its long trek up the financial mountain yet again, and we can only wait and see where things lead in the coming months.
How fast will the bitcoin price rise again? Post your thoughts and comments below!
Images courtesy of Brian Snyder via Forbes, CNBC.