Share this article
Renewed Optimism as Bitcoin Price Nears $500
The price of bitcoin saw renewed upward movement on 20th May following weeks of declines and plateaus.
By Pete Rizzo
Updated Mar 6, 2023, 2:48 p.m. Published May 20, 2014, 9:30 p.m.
The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) rose more than 10% today at its peak to a high of $494.16, up from the day's open of $444.31.
The price increase brought the value of bitcoin to its highest total since late April, nearly one month ago.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The price of bitcoin on the CoinDesk CNY BPI saw a similar spike, rising to a high of ¥3041.89, up from its opening at ¥2769.04.
At press time, prices on both the USD BPI and CNY BPI had cooled somewhat, with the price of bitcoin observed at $483.54 and ¥3010.13, a rise of roughly 8% on each index.
The first significant market movement in some time, the day's activity could be seen as yet another sign the price of bitcoin may be poised for a bull run, as some analysts have speculated.
Narrative reversal
The news follows a steady stream of positive press for the industry, including the successful Bitcoin2014 conference in Amsterdam.
That even saw major speakers such as Overstock CEO Patrick Byrne, Circle CEO Jeremy Allaire and Bitcoin Foundation chief scientist Gavin Andresen give high-profile talks that may have helped refocus the community on the larger implications of bitcoin and its potential impact on the global finance space.
Additionally, it comes on the heels of a string of major announcements — such as Circle's product debut, BitPay's $30m Series A funding round and positive comments from US government agencies.
China worries fade
A main driver of the decline in the price of bitcoin had been negative news from China, once one of the digital currency's largest markets.
However, in recent weeks, announcements from the country have been more positive, or at the very least, less negative.
For example, Beijing's Global Bitcoin Summit took place as scheduled, despite the absence of major exchanges, with the event ultimately serving to introduce the wider bitcoin community to the wide range of startups that have entered the market.
Image via CoinDesk
Más para ti
Lo que debes saber:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
