Bitcoin Market Price Soars! Time to BUY or SELL?
UPDATE(12:30 PM 11.4.13) Price of Bitcoin has gone up to 233 USD on Coinbase and 230 on Mt.Gox. Interesting, there usually is about a 10% price difference between the two exchanges. So once again the question is: Is the price of Bitcoin going to keep going up and exceed 250, 300 USD??
UPDATE (8:30 AM 10.22.13) LAST NIGHT I SOLD 1BTC I bought for 147 USD about a week ago for 183.99 USD. The original buy took about a week to show up in my Coinbase wallet. However, The credit back into my bank account will be on October 24, 2013. Put it this way, it is faster to get my money back from Coinbase than it is from E-TRADE.
Today October 21, 2013 Bitcoin has reached its highest Price of One Bitcoin in USD since April 9, 2013.
On Coinbase the price is at ~ 181.00 USD
On Mt.Gox the price is at ~ 192.00 USD
So the big question is is this going to follow the same pattern that happened from April 2, 2013 – April 11, 2013; or is it Bitcoin maturing into a stable /currency/ commodity/security that will commandeer fiat currency transactions without the need for a third party international payments processor.
Whether or not its a bear or bull market at the moment, on thing is for certain. It is possible to make money on trading bitcoin not only on different exchanges but on the futures itself.
There is a quote somewhere that goes “any press, good or bad, is good press”. This is exactly what happened when news that the Silk Road market website was seized by the US government and closed down. The media covered the story, people starting saying whats all this about, did some research and maybe became a little more informed about digital currency, proxy servers, international black markets etc. However, the BIGGEST THING TO come of this was the drop in the price of Bitcoin on that same day just about three weeks ago. The price of BTC dropped significantly( on some markets back to under 100 USD). So if you were lucky enough to buy a couple of them right around that day (like myself), you just double up your real money on digital faith in something that more people kinda know about.
For real time data updates on the price of BTC checkout Bitcoin Charts
So what happens next?
Do you sell your Bitcoins hoping its going to crash like in April and use your money to buy and flip again?
Will Bitcoin level out sit at around 180 – 200$ for a while? Maybe sit at over 200$?