Present Decline in Bitcoin Price Followed After News-Flow in Positive Direction Earlier This Month!

Earlier this month, the bitcoin price almost jumped by 12% after four consecutive days of gains, hitting a maximum of $262.81 during the trading day. It was reported by the CoinDesk Bitcoin Price Index. The price increase is the result of a relatively strong week of trading for the bitcoin price which was offered with positive news for the digital currency. In US, the news of a Bitcoin Trust gaining regulatory approval for a public market listing spread quite fast. It gave the Bitcoin bulls something to generously cheer about. According to the fund plans, the shares will be made available for trade on US ‘over-the-counter’ market. It will potentially bring increased liquidity into the Bitcoin markets.

The rally began on Friday when the bitcoin price increased by $20 in a single hour and hit a high of $257.50. The $20 increase represented an increase of about 8% from opening prices during that time. The earlier gains were supported by news events that took place early in the first week of this month. It included Bank of England taking up digital currency’s potential to modernize payments. The researchers located in Boston Federal Reserve, a central bank spoke in the same lines during an interview with CoinDesk.

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