Since the price of Bitcoin is primarily affected by the way the cryptocurrency is presented in the public media, seeing it shown in a positive light in a publication with a stronger reputation should obviously bring a very noticeable boost to the currency. Which is exactly what happened just recently, after the Wall Street Journal featured Bitcoin on their front page, leading to a 10% jump in the currency’s price.
Over the weekend before the event, the price of the currency had been going downward, dropping all the way to $245 by the end of the weekend, even though it had managed to stay above the $250 mark a few days prior to that. After the Wall Street Journal’s morning edition featured the cryptocurrency on its front page, there was a noticeable increase in its price, jumping up to $270 and stabilizing around that point for a while.
Some have pointed out that many buy orders placed at $250 were likely pulled out on Monday morning, which could have contributed to the situation – but not to the tune of a jump to $270. In all likelihood, it seems that the feature by WSJ was exactly what gave the currency its boost, especially given the fact that the price has managed to remain stable for a good while after that.
Will this trend remain over the next few days, or will we see Bitcoin falling down to beneath $250 again? Different experts seem to be predicting different developments, and while it’s entirely possible that there could be another drop, the currency has been doing overall well recently, so it’s not that likely.
And then, if another major publication runs a feature on Bitcoin in the coming days, this could have an even stronger impact on the cryptocurrency’s popularity, perhaps driving its price up even more. While it would be a stretch to say that it could go up to $300 right now, it’s certainly not out of the question for the coming months. After all, the currency has seen prices much, much higher than that.
Developments surrounding major companies involved in the Bitcoin market have also had strong impacts on the currency’s price, and the fact that several important players in the Bitcoin mining field have recently have to file for bankruptcy certainly didn’t help much.
There has also been the argument put forward by some experts that another jump in the price of Bitcoin won’t be very beneficial to the current state of the cryptocurrency anyway. According to them, the better thing for it right now would be a stabilization for a longer term, so people could start to see it as a more reliable trading instrument.