Bitcoin Price Passes $600 as Talks of Recession Intensify

Several reasons have been alluded to regarding the sharp rise in the price of Bitcoin from Saturday September 3 when it jumped from about $574 to $610 by the following day, including a push from speculators expecting the devaluation of the Chinese yuan.
NIRP Umbrella tweeted that Bitcoin’s price was nearly 10% against the yuan, citing the decentralized utility of the currency being ‘in full force vs. arbitrary devaluations.’
Factors that might have influenced the price
Now sitting at the $600 price range, this is the highest the currency has reached since the August 2 hack of the Chinese exchange Bitfinex, when Bitcoin worth close to $65 million was reportedly stolen. Its price was around $640 before the hack.
The fact that the rise came after Bitfinex announced the redemption of 1.1812% of outstanding BFX tokens also points in the direction of the exchange being a factor for the price swing. Or that it was a reversal to the pre-Bitfinex hack price.
The announcement of the Brave Browser implementing Bitcoin micropayments could also be a contributor. The 0.11.6 release of Brave enables users to reward websites they enjoy frequenting while getting rid of tracking and adware techniques at the same time.
Another reason might be that the Russian authorities have officially stated there will be no penalties for Bitcoin use. Based on movement on Fiatleak around the time of the spike, a Reddit member Midipoet stated:

This post was published at Coin Telegraph on 2016-09-05.

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