Price Almost Reached $550; EY to Sell 24,518 Confiscated Bitcoins

On Friday we reported that price per coin reached $470 and the price kept on growing during the weekend. At one point it almost got up to $550, before stabilising at $535 today. In less than a week the value of Bitcoin rose by more than $80 and some people managed to make quite a significant profit.

Another important news concerning Bitcoin this week was the announcement made by Ernst & Young that they’re going to sell over 24,000 Bitcoins at an auction. The auction will be held in Sydney and the company stated that they are primarily expecting buyers from Europe and North America.

Keep reading if you want more useful information on Bitcoin price movements and the expected auction.

Over $13m Worth of Bitcoins to Be Sold at an Auction

The transactions partner of Ernst & Young, Adam Nikitins, announced that the company will be selling 24,518 Bitcoins that were confiscated last year. The Bitcoins will be sold in 12 different lots, 11 of 2,000 BTC and 1 of 2,518 BTC. The auction will open on June 20 and it will last 48 hours.

If the lots are bought at current Bitcoin prices, the company will gain almost $13 million. They have stated that they expect more than AU$1m per lot. This is the first such Bitcoin auction in Australia and only the second one in history, after the 2015 auction when the US Marshal Service sold over 44 Bitcoins confiscated from Ross Ulbricht, founder of Silk Road. It is expected that the auction will attract a lot of digital currency exchange companies, investment banks, hedge funds and digital asset investors. Companies are supposed to express interest for the auction in the period between June 7 and June 10.

In other news, it has been announced that a pastry shop in Venezuela started accepting Bitcoin payments. The owner stated that he investigate Bitcoins and Bitcoin market thoroughly and that he believes in it, due to its growth and increased interest in it all over the world. Trading Bitcoins isn’t illegal in Venezuela.

Price Soared, Today Steadying Around $535

This weekend the Bitcoin reached the highest value since August 2014. On May 28, the price was already $470 and it kept growing throughout the course of the weekend, peaking at $548 on Sunday. The price than decreased by just a bit and today it is stable around $535 with some minor fluctuations. Within 52 weeks the price rose by more than $300 per unit.

The current volatility is just above 22% and the traded volume in the 24 hours was a total of $133.9m and the available supply is 15,600,975 BTC. It has to be noted that the change in the last 24 hours was almost 3.5% and we don’t see that very often. The full market value of all Bitcoins now in circulation exceeds $8bn.

Experts feel that the growing popularity of Bitcoin on the Chinese trading market is to be accounted for this rapid rise. With such volatility and level of trade, we can expect further price changes in the near future. The main question now isn’t whether the price can reach $550, because that is very likely to happen, but whether it can reach $600 in the following days.

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