Bitcoin Prices Spike, Mostly in Chinese Exchanges

Bitcoin Prices Spike, Mostly in Chinese ExchangesBitcoin, the virtual currency may be gaining popularity once more following a lull. The price of Bitcoin is rising once more as the Chinese market and the Wall Street have helped in starting a new frenzy.

In the past few weeks, the price of a single Bitcoin increased steadily and on Wednesday, it scaled up sharply in particular moving over $500 on a few exchanges. That brought the value of a single coin more than hundred percent compared to a period of a month ago. However, before Wednesday ended, the price of Bitcoin fell once again and sty put near $400.

In the initial months of 2014, Mt. Gox, the largest ever Bitcoin exchange collapsed. Some factors like Bitcoin being used for transaction of drugs and the closure of the virtual money exchange made lot of people to believe that it was just a passing fad and resulting in huge sell offs. Since then Bitcoin lost much of its shine until recent when it started to rally.

However, some banks as well as financial firms carry on studying the technology which runs behind the scenes. They have of late expressed their interest with plans of fresh investments.

In China, the demand for Bitcoins has increased due to a number of financial factors at play which include the turndown of the stock market. Bitcoin price in China is rising most rapidly compared to other global markets.