Bitcoin Price Jumps Out of Its Comfort Level

By Inside Bitcoins Feb 27, 2015 6:56 AM EST

bitcoin price

NEW YORK (InsideBitcoins) — After six weeks of cruising +/- in the mid $230 range, the price of bitcoin took a 6% leap early this morning to $250.  However, the digital currency is well within its recent tolerance: the one-month trend has seen $250 twice and still ended up with a -3% loss for the period. But bitcoin has regained some of what it had previously given up year-to-date, now posting a -21% loss for 2015 so far.

Bitcoin has yet to close above a mid-$250 resistance level that chartists believe will signal a bullish trend. The cryptocurrency spent only three days of the new year above $300, sagging from a close of $315 on January 2nd to remain sub $300 ever since.

bitcoin price chart

Bitcoin/US Dollar (XBT) via CNN Money.

Just after 10:30 p.m. ET, 3-hour volume jumped over 42,000 BTC, the highest level of trading since January 28th, according to the Winkdex composite.

Even with the bump in price, bitcoin has surrendered some of its volatility, showing remarkable stability lately.  At 7 a.m. in New York, bitcoin was in the low $250s, according to the Inside Bitcoins Price Tracker.

[Read More: The Bitcoin Price Has Been Remarkably Stable Lately]

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  • HoldenMonaro

    please excuse me for butting into your conversation but i am one of those regular joe mainstream people that is trying to understand bitcoins. i live in a small rural community and the only merchant around here who has even heard of bitcoins is the local bar owner. when asked if he would accept bitcoins to pay for my bar tab he laughed and said “no thanks, i dont want to get burned with a passing fad” true or not that is his perception. im not really sure i understand the banking security thing you mention, i go to the bank and withdraw $100 from my account, my money is always there until i spend it and i have never had a time when the bank has said “sorry, we were robbed and you have no money”. most people around here are simple hard working folk who dont even know there are other currencies, they get paid in US dollars and spend US dollars. i think the biggest hurdle for bitcoin is the lack of being able to hold it in your hand, sure i use a debit card but that is just another way for me to access my bank and get physical cash to spend. you seem more knowledgeable and interested in the international finance thing than i am, price fluctuation stock market things but for a regular person it seems more a complication to use as an every day alternative to money.

  • HoldenMonaro

    thank you for your reply. i have been getting info from other sources as well to try to figure out if bitcoins can be used by someone like me.
    its funny, where i live in America is a small rural town, the woman who owns the general store has never had a computer or smartphone, never wants one and has no clue what a qr code is. from what i can gather it is basically just like another foreign currency but without the ability to actually physically have the coins in your hand like cash. seeing as how i live in the US and only interested in US dollars the currency fluctuations against other currencies are meaningless to me at a local level. if i have $600 US in cash i can go to HH Gregg and buy an American made vizio tv. if i have say the equivalent of $600 US in bitcoins i get the impression that if i wait to choose the tv i like best, the price of the tv’s havent changed but the value of the bitcoins may have dropped so i dont really have $600 US.
    again, thank you for your help, but i asked around locally and very few people around here have ever heard of bitcoins and those that have refuse to accept them. the local bar owner told me he didnt want to get burnt with a passing fad. true or not, that is the perception. im sure it is wonderful for those interested in international finance but for a regular joe like me it seems unworkable for a real world day to day living if i cant have the cash in my hand.

  • It is peer to peer, but the merchant must have some sort of electronic device connected to the Internet to be able to broadcast the transaction to the network. Alternatively, the store could simply place a QR code to be scanned by customers on the counter. In that case, the customer would need to have an Internet connection to broadcast the transaction (although it would make sense for the merchant to check that the transaction has been broadcast as well).

    Many people are turned off by the volatility of bitcoin, but some apps are coming online that hide the bitcoin layer for users. It is analogous to many people using Google or Facebook without knowing that they’re using the Internet.

  • HoldenMonaro

    on the insistence of a friend i have been trying to find out more about bitcoin. some people have told me its supposed to be money as money used to be, peer to peer with no third party. which to me means walking to the local store to get a case of beer, pizza and a pack of smokes, talking to the store owner peer to peer, i hand him money with no third party present and get my goods. is this how i would use my bitcoins? BTW the store does not have electronic payments system. from the conversation here it seems bitcoins is more a gambling thing like the stock market, buy low sell high seems too confusing for a regular joe like me to ever use it.

  • cohagen

    Your wrong in so many ways that several generations would be born and die before I could explain it all to your clues self.

  • cohagen

    The only brainwashed suckers here are the greater fools who have been conned into thinking alt/crypto crap is the end all be all cure all for the world and a money for the people. You still have the tech cypher punk elite 1% to deal with who control/hold the bulk of it and manipulate the value of what they don’t. Same shit different day boy.

  • cohagen

    Give it up squirt you go on and on till your blue in face and you’ve worn your little fingers to nubs typing these long wind full of nothing posts. If you hate the world and all it stands for then take the pill son.

  • Steve

    You’re an idiot if you can’t see the writing on the wall. Bitcoin is here to stay and there is nothing that you or anyone else can do about it. It’s already here. You speak of sensationalized BS that the media feeds you to scare you away from the one thing that threatens their power of controlling the money supply. Lets face it, you’re not exactly the brightest crayon in the box and this is just something that flies way over your head. You don’t understand it enough to develop a credible opinion on it’s use and it’s future applications. You only focus on sensational headlines. You’ll see it soon enough, just most likely not soon enough to take advantage of it because you’re to stuck in your narrow ass world view. I would suggest that you do a little more research and step your knowledge game up and then maybe we can actually have an honest conversation about something that is going to reshape the way the entire world conducts commerce. I am not going to continue I with this useless conversation. No offense, but I’m well versed on the subject of Bitcoin AND our current financial system and you’ve made it very clear that you don’t have a clue about either. I don’t feel like you’re qualified to even debate with me. People like you are suckers. You’re the type of person that the media has conplete mind control of. You eat up headlines and regurgitate the same crap that’s been fed to you by the powers that be. I wish you luck and have done sll that I could to help educate you, but you’re just not ready for it. Its all good though.

  • cohagen

    You clearly have no grasp of real economics. With a very small money(fake ass btc standing for actual currency) it allows a very small group to hold sway over it and control/manipulate it. It’s already the case with many of the altfarce coins.

  • Steve

    If you consider the limited availability of bitcoins at 21,000,000 to be an “epic fail” then you just don’t understand basic economics. That is one of the most critical features of Bitcoin. Scarcity is an important characteristic of a currency. This only raises demand, which causes it’s price to rise.. Each bitcoin can be split into up to 8 decimal places and so the idea that there aren’t enough to be used widespread is just ridiculous.

    You keep citing isolated incidents of bad characters who conduct illegal and fraudulent activities while operating bitcoin wallet services and hackers/DDos attacks. This is nothing new. Banks are already frequently involved in scams at an alarming rate. Bad characters will exist in all systems. Hackers will always exist and work to compromise banking networks. The fact is that Bitcoin, being the latest innovation in information security, is far more secure than the current cryptographic system that banks utilize today. Hackers and scammers can manipulate the outdated fiat system far more easily than they can with Bitcoin. Cash is untraceable and far more susceptible to money laundering than Bitcoin. So your arguments about scams and hackers actually work in favor of Bitcoin. Banks lose billions of dollars every year to hackers, it’s a HUGE problem right now. HUGE. Just google “bank hacks” and read through all of the recent breaches at all of the world’s largest banking institutions. Google “banks involved in scams” and you’ll find that there are banks rigging rates and scamming consumers out of billions of dollars. This is a problem that Bitcoin actually addresses. No it’s not perfect either but it’s much closer to perfect than our current situation.

    Not to mention all of the unstable countries all around the world (ie Greece, Argentina). While Bitcoin is a bit volatile, it is much more stable then their currencies and the people will be able to use it to protect their assets from political influence.

    Bitcoin isn’t going anywhere.

  • cohagen

    You see the bank hacker actually get caught, and money is recovered, bitcoins have been hacked never recovered ever except for that coward joho giving some back and the blessed holy blockchain hasn’t help find a single stolen hacked bit of crypto ever and never will. You’d think mt gox haul of stolen coins would have been found by now.

  • cohagen

    Sybill is 110% confirmed. You also have Rng attack aka man in the middle, elliptical curve with k2 sig attacks that can easily hack bitcoins even from a air locked wallet in space, ect… You see there are not and never will billions of bitcoins to be stolen so your comparison kinds falls flat based on reality. The limited amount of bitcoins doomed it right from the start as due to that epic fail it can never truly be a fully adopted currency. Just won’t be enough to go around no matter many infinite satoshis they try to break them into, ergo making bitcoin the hated new fractional reserve. Put crypto to ocrams razor and it shreds pretty easily. Don’t even get me started on josh Garza and dan parkers paycoin Ponzi or that bs ripple crap.

  • Steve

    This isn’t even necessarily known to be an issue and definitely isn’t going to affect Bitcoin’s future. If anything, it will only strengthen it as it’s a new technology and still has so much room to improve. Look at the multi-BILLION dollar Carbanek hacks that are infecting our current financial institutions. This is a much much much bigger issue then this minor sybill attack and Bitcoin. You seem to be unaware of how easily and how often our current banking systems are compromised. And these hacks aren’t just speculation like the sybil attack you’re talking about, meaning they were definitely malicious and billions of dollars were stolen.

  • cohagen

    Won’t exist in five years dufus. You hear about the latest hustles like the sybill attack done a so called legit exchange to track transactions not there own with bogus nodes on the so called uncorruptible blockchain or the btclowen scam going on right now?

  • Steve

    You must not have been reading my comments. You don’t recall when I said… “regardless of where the Bitcoin price is on Sunday, or any time within the next 2-5 years, for that matter, is really irrelevant to anybody that is capable of seeing the bigger picture.”

    You clearly can’t see the bigger picture.

    It’s sad that you are apparently older than me, because based on your illiteracy, I could’ve sworn that I was arguing with a child.

  • cohagen

    Bitcoin is not complex “dude” it’s old NSA stuff from 1983 a polished turd if you will, the blockchain is cut and paste code from NASA from the 60’s; sha-256 darpanet used by NASA to archive all there space photos. being all you young and “dudeish” you don’t know these things so it’s new and exciting to you.

  • cohagen

    Yes I’ve read your pointless empty hot air young and don’t know jack squat about the real world liberal punk bs comments. As you can see btc is slowly going down from the dead cat bounce(thats a real forex trading term.) you thought would break $300

  • Steve

    Are you even reading my comments? If so, are you even going to make an attempt to touch on any of the points that I made?

    You’re argument was literally “try reading a random walk down wall street, solid and real…Then you just might will you grasp why btc is crap and is being manipulated by those core developers”…

    And my comment was “brainless yack”…? Yeah… Okay…

    But just to tickle your fancy, I’ll address you’re argument (I guess that’s what we will call it). If I can understand correctly, you’re suggesting that I read a book that was written in 2007 (before Bitcoin ever even existed), and this will show me how the core developers of Bitcoin are manipulating it.. stuffing their pockets with fiat…? What the hell are you even talking about? Bitcoin was first introduced in 2009. Dude, you can’t even form a coherent sentence. Bitcoin is very complex. Far too complex for someone as illiterate as you to understand.

    I have not copied and pasted anything. I am just capable of writing beyond a 2nd grade level, unlike you. You have yet to write anything that makes any sense whatsoever and you have also yet to address a single one of my arguments on Bitcoin. Honestly, you’re not even worth my time. I think that I’m actually becoming dumber and dumber with every response of yours that I read.

  • cohagen

    Instead of that one sided crap you claim to have read, try reading a random walk down wall street, solid and real. Then you just might (and this is a far reaching might mind you) will you grasp why btc is crap and is being manipulated by those core developers you think have your best interest at heart when all the care about is stuffing there accounts with sweet fiat..

  • cohagen

    All that brainless yack and not a single solid argument out of you. I’ve read these exact same post written by other fools word for smegging word long before you copypasta’d them. make you enjoy the interesting fantasy world you live in as it’s all you really have to live for.

  • Steve

    You think that I copy/pasted all of that? Haha. You make me laugh. I’ll take that as a compliment though. The thing is, I actually have a genuine interest in this topic and I spend a lot of time researching/debating it’s capabilities and/or issues. I’ve read multiple books on the subject of bitcoin, I’ve also done quite a bit of research on our current financial institutions as well. It’s obvious that you have not conducted much, if any, research at all. These were all my own thoughts, believe it or not. Now I did copy/paste the link to that report and the quote (which I put in quotations), so I’ll give you that much.

    To say that my post shows no “original intelligent thought” and then post such a simple-minded, pathetic excuse for an argument in the same comment is just laughable. Do you even read any articles about Bitcoin or do you just focus on the headlines?

    You’re saying that because banks are insured by the FDIC that you can get your money back, whereas you can’t be insured with Bitcoin. While this may be true(partially) currently, this is only because Bitcoin is still in it’s infancy. The beauty of capitalism is that people are able to create ways to provide different types of services that cater to new technologies. The more mainstream that Bitcoin becomes, the more services and opportunities will be created to improve upon it (sevices such as insurance on your Bitcoins, etc.). In fact, there are already services that have began offering insurance on their bitcoin wallets (Coinbase, Elliptic, BitGO, to name a few). So this is an issue that is already being addressed.

    Your responses lack intelligence and you have no clue how to form or respond to arguments. You didn’t even touch on a single point that I made in my rather lengthy response, which I can only imagine is because it was all way over your head and outside your realm of understanding. It’s okay, though. I understand and I sympathize with you. It isn’t your fault at all. This is merely a result of our country’s failed education system.

  • cohagen

    grand master of copypasta but nothing that’s shows any real or original intelligent thought on your part yawn….see banks can get lost or stolen funds back, crpto that’s hacked stolen ect…(oh yeah all this ddos on minning pools is a inside job to get market share.) is gone for ever.

  • Steve

    First of all, our current banking system is far more susceptible to DDos attacks then Bitcoin. See the following study on DDos attacks and retail banks:

    http://www.corero.com/resources/files/analyst-reports/CNS_Report_Ponemon_Jan13.pdf

    It states that “A lack of resources threatens retail banks’ ability to deal with DDoS attacks… insufficient personnel and in-house
    expertise and inadequate technologies seem to be the most serious concerns”

    Inadequate technologies… You do realize that we’ve been using debit/credit cards for nearly 50 years, right? The system is weak. It’s security is outdated and therefore is becoming much easier to compromise as time goes on and technological resources improve.

    Bitcoin’s information security is far more superior than the current banking system. It’s an ADVANCEMENT in cryptography, which is exactly what keeps your credit/debit card information secure today, as well as your online banking applications. Bitcoin has taken this security up a notch (perhaps 10 notches). It is much more difficult to crack than the outdated cryptographic systems that are currently “protecting” our banking information.

    So you saying that DDos [attacks] are one of the reasons that Bitcoin will likely not succeed is just a shining example of your ignorance to the way that our banking information is currently “secured”. It also highlights your lack of knowledge on cryptography and information security. So, if you want to bring up the threat of DDos attacks on banks today and Bitcoin, Bitcoin boasts a much more superior protection to consumers.

    Now for your claim that merchant interest in Bitcoin is “fading”, I would have to disagree on that one too. The only reason merchants are skeptical to adopt Bitcoin as a form of payment is because, like you, they simply just don’t understand it. All it will take to overcome this barrier is time and education. As more and more people discover it and understand it, mainstream adoption will hit like a brick and I promise you that it’ll quickly be hard-pressed to find a merchant who does not accept Bitcoin.

    Bitcoin is an advancement in technology, not a fad. Advancements in technologies don’t just go away (unless you want to consider the technology that was able to land humans on the moon 6 times in 3 years [1969-1972], yet, oddly has not been capable of sending a human even 1/300th of that distance in the nearly 50 years since). In other words, making the claim that Bitcoin is going to go away is just like making the claim that the internet and computers are not going to last. It’s a technology, not a Beanie Baby.

    So regardless of where the Bitcoin price is on Sunday, or any time within the next 2-5 years, for that matter, is really irrelevant to anybody that is capable of seeing the bigger picture. As more and more people discover and understand it’s advantages over our current financial system, the more mainstream it’s use will become and the higher the value will rise. It’s not a question of “if it will survive”, but rather “when will people will understand and accept it”, because inevitably, over time, they most definitely will.

  • cohagen

    No it won’t. All the DDos going right now along with fading merchant interest says it will not.

  • Steve

    It’ll be at $305 by Sunday night.

  • cohagen

    Lets see already closed at 293 with earlier low of 291 and looking at the gan waves set to go lower in the coming days, go figure….

  • cohagen

    No not really, will drop on Sunday night.

  • Steve

    It’s March 12th, 2015 and the Bitcoin’s current price has been steady hovering at about $298-$301 for 2 or 3 days now. Looks like you were a little off on your prediction there… Keep trying, buddy.

  • cohagen

    This is just a pump and dump set up like before, get it to 250-260 then sell/drive it down. shorter’s make there’s bears and bulls make there’s nothing else. This will never see 300 ever again.

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