Bitcoin Bitcoin Price Spikes to $2700, then Loses $400 in Hours
Bitcoin prices hit an all-time high of $2791 per coin in the morning EST (GMT-5) on May 25, 2017, according to the CoinDesk Bitcoin Price Index (BPI). But the price euphoria was short-lived even by the standards of this famously volatile virtual currency, dropping below $2400 by 14:30 EST.
Both Ethereum and Bitcoin had been enjoying rallies in the last few days, with Ether reaching its own historic high of $228.37 at around 18:30 EST (GMT-5) on May 24, 2016. Ether is currently trading at 180.75, which is nearly a 21% drop from its high.
Some analysts attribute the recent surges in the two currencies on a convergence of news items related to blockchain-based banking technology. announced their co-branded product “CitiConnect for Blockchain,” which promises to provide a seamless end-to-end transactional process for private securities.
Governments, big banks, and Silicon Valley have been scrambling to find ways to use blockchain- the connective technology developed to enable Bitcoin transactions–to create faster, more secure, more friction less, and more transparent transactions. Virtual currencies have benefited from this attention, allowing them to recover from a very touch-and-go couple of years. Such setbacks as the June 2016 Ethereum DAO hack and Bitcoin’s Hard Forking talks had skeptics and advocates alike speculating whether virtual currency was futuristic folly.