Friday, October 13, 2017

One major reason behind yesterday's 20% Bitcoin price spike is that customers can now buy cryptos from their bank accounts

On Oct. 13, Bitcoin saw a huge 20% jump in price as a number of different scenarios played into investors running headlong into the cryptocurrency.  And while many analysts are attributing the move that nearly saw Bitcoin hit $6000 per coin to a rumor that China was preparing to re-open Bitcoin exchanges, another potential reason could be that Coinbase is now allowing people to buy Bitcoin straight from their bank accounts.

Bitcoin surged to a new high Friday, and a key announcement from digital currency exchange Coinbase could be a driving factor. 
Coinbase, a major U.S.-based digital currency exchange, said Thursdayit is enabling investors to make instant purchases of up to $25,000 worth of bitcoin, ethereum and litecoin from U.S. bank accounts. Previously, customers using their bank accounts to buy the digital currencies had to wait several days to receive them. 
"One of the biggest pieces of feedback we get on Coinbase is 'why does it take so long!'" Coinbase co-founder and CEO Brian Armstrong said in a tweet Thursday. "Rolling out instant buys." 
Before the rollout, bitcoin's price could fluctuate considerably during that waiting time, making it a drawback for the regular investor. - CNBC
This shift in payment options will not only speed up the process for investors and customers alike, but it will also provide individuals an easier path to acquiring cryptocurrencies without having to deal with wire transfers or credit cards. 


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