Is the Bitcoin Price Moving Towards $700?

The bitcoin price has undergone a healthy rise, and is hovering at around $668. Price expansions have been occurring on an incremental basis; anyone who expects bitcoin to strike the $700 mark overnight is undoubtedly expecting too much, yet it’s probably safe to say that should bitcoin continue its present route uninterrupted, it may hit such a point before the year is out.
The most common suggestion for bitcoin’s subsequent rise seems to be the continued fall of the yuan in China. As the yuan and related fiat currencies continue to fall, Chinese traders have turned to bitcoin in order to gain more control over their assets. Cryptocurrency mining in China has also increased as affordable electricity and equipment have proven relatively accessible, particularly in southern districts.

This post was published at NewsBTC