Bit Coin Price in 2017: A Year of Record-Breaking Prices and Controversy

2017 was a pivotal year for Bitcoin, marked by record-breaking prices and controversy. The price of Bitcoin skyrocketed, reaching an all-time high of $19,666 in December.

This rapid growth was fueled by increasing adoption and investment in the cryptocurrency. The price of Bitcoin rose by over 1,300% in 2017, outpacing traditional assets like stocks and real estate.

As the price of Bitcoin continued to climb, so did concerns about its volatility and potential for manipulation. Regulators and investors alike began to scrutinize the cryptocurrency market, leading to increased calls for greater oversight and regulation.

The controversy surrounding Bitcoin's price surge was only exacerbated by the departure of key figures from the Bitcoin community, including the mysterious founder, Satoshi Nakamoto.

Bitcoin's price surged past $2,000 on May 20, 2017, marking a significant milestone.

This achievement highlighted Bitcoin's growing legitimacy and set the stage for even larger price gains in the months to follow. The price of bitcoin traded between $930 and $978 a year ago, setting the stage for the cryptocurrency's value to cross the $1,000 on New Year's Day.

In just a year, the price of bitcoin climbed from below $1,000 to nearly $20,000 on the CoinDesk Bitcoin Price Index (BPI). The summer of 2017 saw significant activity around initial coin offerings, dubbed "the summer of crypto love" by some observers.

This unprecedented interest from the finance industry raised the question: where does bitcoin's price go from here?

The People's Bank of China's move to tighten oversight of bitcoin exchanges in January 2017 led to a drop in trading volume as exchanges imposed new trading fees.

This regulatory move didn't cause the market to collapse as some feared, but it did mark a significant turning point in 2017.

The price of bitcoin exceeded $5,000 for the first time in September 2017, only to drop by hundreds of dollars two days later.

The cryptocurrency's price continued to fall, dropping below $3,400 on September 14 and below $3,000 the following day.

The price surge past $2,000 in May 2017 highlighted Bitcoin's growing legitimacy and set the stage for larger price gains in the months to follow.

This milestone showed that Bitcoin's price was on the rise and that new investors were fueling demand, marking a significant psychological and market milestone.

The PBOC Impact was a significant regulatory moment in 2017. The People's Bank of China initially tightened its oversight of the country's bitcoin exchanges in January of that year.

This move led to a drop in trading volume due to the imposition of new trading fees by the "Big Three" exchanges - Huobi, OKCoin, and BTCC. A major consequence of this was the halt of withdrawals by these exchanges following new edicts from the PBoC.

The price of bitcoin exceeded $5,000 for the first time in the first week of September, only to drop by hundreds of dollars two days later. This reversal of late summer gains saw the cryptocurrency's price fall below $3,400 on September 14 and down past $3,000 the following day.

Bitcoin's price jumped from under $1,000 in January 2017 to more than $19,000 in December 2017, a staggering increase of nearly 2000%.

Researchers have found that a single Bitcoin holder, known as a "whale", likely manipulated the market to fuel the price spike.

This summer saw significant activity around initial coin offerings, with data from CoinDesk's ICO Tracker showing a surge in interest.

The "whale" in question is believed to be a single entity on Bitfinex, a popular cryptocurrency exchange headquartered in Hong Kong.

The researchers, University of Texas professor John Griffin and Amin Shams, an instructor at Ohio State University, studied Bitcoin and Tether transactions from March 1, 2017, to March 31, 2018.

The price of Bitcoin traded between $930 and $978 in 2017, setting the stage for its eventual crossing of the $1,000 mark.

The findings raise questions about the legitimacy of the price increase, and whether it was artificially inflated by market manipulation.

One Bitcoin "whale" may have fueled the currency's price spike in 2017, according to researchers, who found a pattern of Bitcoin purchases on Bitfinex following market downturns.

The price of Bitcoin in 2017 was a wild ride, and there were several key factors that drove its fluctuations. One major price driver was the increasing adoption of Bitcoin as a payment method, with more merchants and businesses starting to accept it.

The rising popularity of Bitcoin led to increased demand, which in turn drove up the price. In fact, the number of Bitcoin ATMs tripled in 2017, making it easier for people to buy and sell Bitcoin.

The price of Bitcoin was also influenced by the increasing security of the network, as more miners joined the network and the hashrate increased. This made it more difficult for hackers to launch 51% attacks and manipulate the price.

The rise of institutional investors, such as Fidelity and Goldman Sachs, also contributed to the price increase, as they began to take a more serious look at Bitcoin as a potential investment opportunity.