Bitcoin Buoyant as Price Surges Past $500

Renewed optimism as the bitcoin price passes $500 for the first time in weeks.

May 22, 2014 at 8:38 a.m. UTC
Updated May 2, 2022 at 3:51 p.m. UTC

Bitcoin passed the $500 mark for the first time in weeks this morning. At press time, the price stood at $513.93 – down from a peak of $518.22 a short time earlier.

The Bitcoin Price Index (BPI) has been climbing steadily since 20th May and started nearing the psychologically important threshold at around 6.00am (BST) today.

Coindesk bpi chart

Apart from a brief spike in mid-April, bitcoin has been trading south of the $500 mark since late March.

Renewed optimism

A number of positive developments over the past couple of weeks helped reverse the negative narrative and bring back a healthy dose of optimism.

The Bitcoin2014 conference in Amsterdam was a widely considered a success and received significant coverage. The same is true of BitPay's recent record-breaking series-A funding round, which saw the payment processor raise $30m in investment.

There were some positive developments on the regulatory front too, and Circle finally revealed its product roadmap aimed at the mainstream market.

What comes next?

It is difficult to make any predictions, but the renewed optimism and positive media buzz are encouraging. Bitcoin got a lot of negative coverage following the arrest of Charlie Shrem, the collapse of Tokyo-based bitcoin exchange Mt. Gox and regulatory clampdown in China.

All these factors contributed to a massive price slide earlier this year. However, for all the talk of bitcoin volatility and hype-fed bubble, the price has remained relatively stable since the slump.

A month ago the price stood at $484, a month before that it was at $564 and on February 22 it was $604. Compared to national currencies, these are still significant swings, but they pale in comparison to what the market went through in November and December.

Bitcoin price charted over three months

It remains to be seen whether this will be yet another short-lived spike, but the overall trend is positive for the time being.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
After Armstrong Tweet, India's Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

CoinDesk - Unknown
2
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
4
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown