As the ashes of Mt Gox are scattered to the wind, and their bankruptcy is announced, detractors of Cryptocurrency may be surprised to find that not only did Bitcoin not drop in value, but has in fact risen in value by 15%.
Whether Mt Gox’s bankruptcy and this rise are mutually inclusive phenomenon is something to be debated. Some speculate that the publicity drummed up around Mt Gox has led to an influx of new buyers (although it was widely predicted that the price of Bitcoin would fall, which logically should deter new buyers). Others speculate that the rise is due to the UK’s recent move to eliminate the 20% VAT (value added tax) on Cryptocurrencies, reclassifying them as ‘assets’ rather than ‘gift vouchers’.
Whatever the case may be, it is clear that developments in the Crypto community are occurring so fast, it is hard to keep track of what events are affecting the market, and in what way this is occurring...
Read more at:
http://www.coinchilli.com/bitcoin-rises-15/J.C Axe
