Bitcoin Price Hits 11-Week High as Market Looks Past High-Profile Cyber Attacks

[Chronobank]

The price of bitcoin surged this week, reaching its highest level since late July as investors moved past a series of hacks that brought negative attention to the digital currency space.

The BTC/USD exchange rate advanced 0.2% to $639.62 as of 1:08 pm ET, according to CoinDesk. Bitcoin’s price has surged more than 4% this week, reaching its highest level since July 30.

There were no immediate catalysts behind the move, a sign that the digital currency had finally shaken off its mid-year slump. Bitcoin plunged in August after Hong Kong-based exchange Bitfinex reported that around $70 million worth of the digital currency had been compromised in a major cyber breach. The firm later announced it would “socialize” the losses among bitcoin balances.

Bitfinex recently issued the newly created BFX token to account holders affected by the hack. Customers are now able to exchange their tokens for a stake in the brokerage.

Prior to the summer slump, bitcoin had traded at its highest level in two years thanks to greater mainstream success and growing demand in China, where investors are trying to diversify away from yuan-denominated assets. However, bitcoin’s value remains prone to wild fluctuations due to liquidity challenges that often characterize a market still in its nascent stage.

Despite summer volatility, bitcoin has gained nearly 50% against the US dollar since the beginning of the year. The US dollar been in a three-week uptrend against other fiat currencies amid growing expectations the Federal Reserve will raise interest rates by year-end. The US dollar index is down around half a percent since the start of 2016.

http://www.economiccalendar.com/2016/10/15/bitcoin-price-hits-11-week-high-as-market-looks-past-high-profile-cyber-attacks/

[Kprawn]

Bitcoin has a way to come back, even when all the odds are stacked against them. We have seen several scandals and major hacks on the

companies with weak security, but the technology is still secure and the investors look past the hacks on third party services, and

back the potential of the technology. You cannot blame the technology, when the weak areas are the third parties.  { Are you going to

stop using fiat money, when the shop around the corner gets robbed? }

[Greenenergy]

Though a price rise is something cool, that makes still the price of various altcoins to plunge.

[Das]

The plunge is something you can take advantage of as a trader, simply buy all the VIABLE alts you can i.e those in the top 10 of coinmarketcap.com and wait for their price to rise.

[pitham1]

It might be a 11-week high, but we have been in this range ($630-$640) for quite a while now.
Nothing has fundamentally changed. I guess we have to break $650 now for some directional indication.

[bri912678]

It might be a 11-week high, but we have been in this range ($630-$640) for quite a while now.
Nothing has fundamentally changed. I guess we have to break $650 now for some directional indication.

We were at $660-$650 before the Bitfinex hack, then there was a dump down to $600, then Bitfinex was hacked and there was a heavy crash below $600. Getting back above $600 was directional indication enough for me. That's above the price immediately before the Bitfinex hack. Going above $650 will confirm the direction, not give an indication of it.

[Doms]

The signs are there for an uptrend. We have been seeing the price steadily rising over the last two weeks and could only be a matter of time before the $650 resistance is tested. We are halfway through October already and I even thought the price would not reach this high because it seems that the price would not want to move from the $600 range.

[pooya87]

the rise should have happened sooner and the fact that it was a "surge" of about 4-5% is because it didn't rise for a long time and was stable at around $600 for this period.

and this will be the future for us, the slow rise and never coming back unless a major crisis happens, and even in that case price will come back up again in no time as we saw once already.