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Bitcoin Price Passes $448 to Hit Two-Month High
The price of bitcoin passed $448 for the first time in two months today on the CoinDesk USD Bitcoin Price Index (BPI).
Updated Sep 14, 2021, 1:59 p.m. Published Apr 21, 2016, 6:37 p.m.
The price of bitcoin passed $448 for the first time in two months today on the CoinDesk USD Bitcoin Price Index (BPI) to reach a press-time total of $448.50.
The figure was the highest observed on the CoinDesk USD BPI since 21st February, when the price hit an inter-day high of $448.29.
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This notable climb helped bitcoin break the pattern of the last several weeks, when it fluctuated primarily within a tight range.
For the month through 12:00 UTC on 21st April, the digital currency's price closed between $410 and $430 in what had been heralded as its longest period of stability for some time.
Still, bitcoin stayed within this range for a reason, as market observers were watching the digital currency’s community to see whether it would make any progress on the fundamental issues facing its technology.
While some have been disappointed with the bitcoin community’s apparent lack of progress toward a technical fix that would adjust its capacity, developers took a small step forward by releasing the code for the Segregated Witness (SegWit) proposal on 20th April.
The update to the bitcoin protocol would allow blocks to contain more data by removing the part of the transaction that holds the digital signature. However, the community had not yet implemented the update at the time of report.
Charles L. Bovaird II is a financial writer and consultant with strong knowledge of securities markets and investing concepts.
Follow Charles Bovaird on Twitter here.
Forex data image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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