Bitcoin Prices Becoming More Stable, ConvergEx Says
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Bitcoin’s price may be stabilizing as the virtual currency becomes more widely used and adoption by merchants accelerates, brokerage ConvergEx Group LLC said.
The digital money, which rose to $1,000 last year from about $13 at the beginning of 2013, is on the road to stability now, according to Nicholas Colas, chief market strategist at ConvergEx in New York. Bitcoin’s price rose 6.2 percent in the last month to $794 on Bitstamp, one of the more active online exchanges where Bitcoins are traded for dollars and other currencies.