The general price trend is still strongly positive, however, with prices up nearly $200 from the start of the rally on May 20. Bitcoin hasn’t had a more than a few days of sustained price growth in 2014, hinting that something fundamental is driving the current trend, now entering into its third week. The last time a comparable event took place was in late December, following the first “China bans bitcoin” sell off and recovery.
There is still no clear cut reason for the rising price, and theories ranging from quiet pre-bubble moves by Wall Street to market manipulation by automated trading bots are becoming commonplace in bitcoin web communities. The overall consensus seems to be the lack of truly bad news in recent months, and the growing adoption of bitcoin-related merchant services by large-scale companies. There is also a long-rumored “Q3” launch of various bitcoin-backed securities on the horizon, such as the Winklevoss Bitcoin Trust.