Bitcoin Price Shoots Back Up to $2600 as Draghi Recommits to QE

Only on Sunday the price of Bitcoin fell below $1900, leading to fears of a major correction, and today it is already back above $2600. While the price decrease had several reasons, most notably the upcoming potential fork on August 1st, the rise is a bit harder to explain.

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At least the jump today can possibly be linked to monetary policies in Europe, judging by the close timing. As this is written, the European Central Bank President, Mario Draghi, is giving a press conference that is influencing the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term markets.

Draghi says that the ECB is leaving interest rates and quantitative easing (QE) unchanged for now. However, he commented that the ECB will discuss how to proceed with its QE programme in the autumn. This caused the euro to jump 0.5% against the US dollar while Draghi was speaking.

Whatever the reason is, it is pulling up much of the cryptocurrency system along with Bitcoin. Ethereum is now trading at $230, up 6%. Dash is at $190, up 20%. Zcash is at $208, up 5%. And finally, Bitcoin is at $2604, up 13%.

In total, the market cap of all Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term is now back above $90 billion, compared with a mere $68 billion on Sunday.