Tracking Bitcoin over the Past Year

The rising price of a bitcoin has been breaking records and making headlines consistently since the price rally began back in December around Christmas time, 2016.

Bitcoin price SolidTrust Pay past year august 2017

Over the past year, Bitcoin prices have increased over 600% in total and the current price at press time is an all-time high of $3585 on Coindesk’s Bitcoin Price Index (BPI).

We’re going to go over some of the particular successes Bitcoin has had over the past year, as well as many of the big hurdles it has had to overcome, in order to give you a better view of what the future might hold for the popular cryptocurrency.

January 2017

bpi aug 11 1The first hiccup faced by Bitcoin enthusiasts came in January 2017, after briefly rising to near all-time-high prices during its most impressive run since 2013. On January 5th, the average price of a Bitcoin across most trading platforms sharply fell around $200 in one hour. This specific price drop was speculated to be linked to rumors of increased regulation on the digital currency by the Central Bank of China, and the free fall continued for a full week.

March 2017

bpi aug11 2

The next hurdle in our incredible story of Bitcoin over the past year is still fresh in the memory of many Bitcoin traders and enthusiasts. After hitting record highs, and even surpassing the price of gold for the first time ever, an unfavorable decision by the SEC regarding the eligibility of  a Winklevoss Bitcoin Trust to be traded on the stock exchange put the entire future of Bitcoin at risk. But this is not what caused the rapid loss in value of nearly $300 in just 3 days. The cause of this hurdle came from within the Bitcoin community itself (along with more rumors of Chinese regulations), as Bitcoin miners and thought-leaders debated over complicated software and tech issues.

Shortly after the decision by the SEC rejecting the Winklevoss proposal, it was reported that the SEC had issued a statement agreeing to review their decision.

April-May 2017

bpi aug11 3

As a new law was passed in early April in Japan categorizing Bitcoin as a legal payment option within the country, demand for the currency began to steadily rise — the price followed. Increased Japanese and Russian demands are responsible for the rise we see from early April to May 25th, when the price of the cryptocurrency dropped sharply in order to correct itself. This reminded traders and enthusiasts how volatile the market can be.

June 2017

bpi aug11 4

On June 15 Bitcoin underwent a significant market correction. Dropping nearly $700 in about a week, this was one of the most significant corrections to date. In a great article written by Joseph Young, it is explained that Bitcoin markets seem to be cyclical, climbing and then sharply dropping, but reliably climbing to back to its previous peak and beyond.

July 2017

bpi aug11 5.png

Confusion and uncertainty plagued the month of July as miners, traders and enthusiasts speculated over the impending bitcoin split (hard fork). As a general consensus was reached, confidence returned to the community and Bitcoin returned to previous price levels, though many were still unsure how the split was going to happen or what it might mean for the future. Volatility persisted until the split happened in early August.

August 2017

bpi aug11 6

On August 1st the hard fork happened and Bitcoin split into two separate cryptocurrencies. Nobody knew what was going to happen, but many expected some short term downward pressure on bitcoin prices. The exact opposite happened as Bitcoin began to sore to new all-time highs and continue its upward trend over the past year.

Time will tell if the popular digital currency will continue to hike, though analysts have indicated a major upswell in confidence and a broad consensus that the upward march of bitcoin’s price could continue.

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March Madness Facebook Contest | SolidTrust Pay (ended)

SolidTrust Pay is happy to run member appreciation events quarterly. Still rolling with the momentum from our previous contest last Christmas, we’re excited to announce our March Madness Facebook Contest! All you have to do is like, share, and leave your email address for your chance to win.

March Madness FB Contest

SOLIDTRUST PAY MARCH MADNESS FACEBOOK CONTEST RULES:

  1. No SolidTrust Pay account required to enter! (will need to create account if you win)
  2. Must like and share our post on Facebook!
  3. Enter your email address here so we can contact you if you win!
  4. Names drawn randomly from all emails who are confirmed to have liked/shared.
  5. Contest ends on March 30th, 2017, at 11:59pm EST. (draw held on March 31st)

Payout Structure:

March Madness Winnings
Did you know that SolidTrust Pay was one of the first processors to offer Bitcoin transactions? If you win, you can withdraw your winnings from your SolidTrust Pay account directly into your Bitcoin wallet!

Check out the winners from our last contest and stay tuned for our biggest contest yet, coming this summer! Also leave us some feedback below 🙂

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