Bitcoin Price Starts Soaring Again Thanks to Chinese Activity

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Today, the price of Bitcoin is around $165 per BTC, up from $125 per BTC a week ago. What’s causing this dramatic price increase? There are a number of factors at work which we highlight in this article.

The dust settles on Silk Road

Just a few weeks ago, the major news running through the Bitcoin community was the seizure by federal authorities of Bitcoin drug marketplace Silk Road. Silk Road’s operator, Ross William Ulbricht, was arrested for drug trafficking, attempted murder, and other felonies.

Read our full coverage of the Silk Road seizure and Ulbricht’s arrest

Ross William Ulbricht Silk Road

Immediately after this news broke the price of Bitcoin dropped nearly 15%, but recovered quickly as people realized that the largest bad actor int he Bitcoin ecosystem was taken out of play.

Baidu, the “Google of China” starts accepting Bitcoin

This week, Baidu, the #1 website in China, started accepting Bitcoin for some of its services. This is a great move in broader acceptance of the digital currency Bitcoin, especially considering China’s previous stances on virtual currencies.

Baidu Accepts Bitcoin

Increased volume on BTCChina

Trading activity dramatically increased on BTCChina, China’s first Bitcoin exchange. See the chart below for evidence of that.

btcchina activity increases bitcoin price


All in all, these factors, especially the activity in China, have made Bitcoin feel like a more secure and intriguing investment, therefore increasing the price in the short term.


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4 Responses to Bitcoin Price Starts Soaring Again Thanks to Chinese Activity

  1. […] price of Bitcoin jumped late in the week thanks to activity in China. Baidu, the “Google of China”, started accepting Bitcoin for […]

  2. […] price of Bitcoin starting soaring over the weekend thanks to activity in China and the fall of Silk Road. The rally has continued and the value of 1 […]

  3. […] Bitcoin Price Starts Soaring Again Thanks to Chinese Activity ( […]

  4. […] 2. Bitcoin Price Starts Soaring Again Thanks to Chinese Activity […]

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