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After months of relative calm, the price of bitcoin broke out this week, spiking to a high of $257 on 17th June.
Of particular focus for many observers was the speed at which the market made its gains, with most of the run occurring between 13:00 and 15:00 UTC on 16th June. Though such volatility is by no means uncommon in the bitcoin market, the wider community quickly sought to correlate the market movement to larger trends.
One of the most prominent theories that emerged was related to the market's timing, which roughly coincided with growing indications that Greece will likely default on its debt obligations. Nicknamed the "Grexit", some believe the default could result in Greece leaving the eurozone, even as German Chancellor Angela Merkel and other European leaders strive to downplay such speculation.
Of particular focus for many observers was the speed at which the market made its gains, with most of the run occurring between 13:00 and 15:00 UTC on 16th June. Though such volatility is by no means uncommon in the bitcoin market, the wider community quickly sought to correlate the market movement to larger trends.
One of the most prominent theories that emerged was related to the market's timing, which roughly coincided with growing indications that Greece will likely default on its debt obligations. Nicknamed the "Grexit", some believe the default could result in Greece leaving the eurozone, even as German Chancellor Angela Merkel and other European leaders strive to downplay such speculation.
Full story: http://www.coindesk.com/theories-greek-default-bitcoin-price-break-out/