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Bitcoin Market Price History

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Oriana Ngo

on 3 May 2015

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Transcript of Bitcoin Market Price History


Bitcoin Price History: An analysis on the events affecting bitcoin market price
April 2013
Price was $27 in February, peaked at $266 less than a month later
October 2013
Characterized by a US Government Shutdown
November 2013
Huge bubble

November 2013
US Senate holds congressional hearing on the future of Bitcoin
WaPost called the hearing a "lovefest"
Endorsed by Bernanke
One possible explanation: BitcoinBillionaire
A more probable explanation: A DDoS attack on Mt. Gox
Mt. Gox to shut down for the day for a "market cooldown"
Bitstamp, Bitfloor, BTC-E
Led way for new exchanges and new realization
Second largest # of Google searches for Bitcoin in April '13
Gained the trust of many skeptical potential users
New interest in alternative currencies due to the failure of Congress to agree on a budget
...if it weren't for the Silk Road shutdown one day after gov't shut down
“You’ve bought Bitcoin as an investment or you’ve bought it as a transactional medium. If it’s one, you’ve just seen a major marketplace shut down, and if it’s the other, the value has dropped suddenly. You will sell it.”

- Jeremy Cook, the chief economist at currency broker company World First on the logic behind the price drop,
Started at $197 ending the month at $1124, considered by many to be the absolute maximum in the history of the market price
David Zeiler, editor for Money Morning cites "sudden surge in Chinese interest in Bitcoin"
1. Baidu begins accepting BTC
2. CCTV documentary
3. People's Daily article
Paranoid? "poke holes in the dominance of the US dollar"
December 2013
China may have brought it up and down
Dec 4: $1147
Dec 7: $694
On Dec 5 People's Bank of China prohibited banks in China to consider bitcoin legal tender
Exchanges fall 20% in price
Baidu reverses decision to accept bitcoin as currency
BTC China announced it will no longer accept deposits in Chinese currency
Dec 18: $522
Over $124,000 in 21 hours
November 2012
Bitcoin Reward Halving
Dogecoin sees a 300% increase in value
January 2014
"I screwed up. The Bitcoin community, they're scared and there is no money laundering going on any more. They're terrified. Bitcoin is my baby, it's my whole world and my whole life, it's what I was put on this earth to do. I need to be out there. If your honor grants me that, I can be out there in the world, making sure that people don't do the same stupid things that I did."

Arrest of Charlie Shrem/Fall of BitInstant
Over 850,000 BTC missing
February 2014
“A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.”
March/April 2014
False reports of a Chinese bitcoin ban causes price to drop further after Mt. Gox incident

On April 11, price hits lowest point since the large bubble of 2013

28 seconds
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