Bitcoin Price Surges, Trades at Nearly $730
The bitcoin price has jumped since our last price piece and once again, Asia is the continent to ‘blame.’ After a massive recoil down to $704 (the price had hit $740 just a few days prior) our favourite digital currency is back on its heels and striking the $727 chord.
Also read: Bitcoin Price Activity Hints at Pending Growth in Stability
One source described the action in detail:
‘The bitcoin price made significant gains in a trading hour today as price spiked up to nearly $740 on the Bitstamp Price Index (BPI), pushing towards the higher ceilings of the cryptocurrency in 2016. The surge began at 12:25 UTC when bitcoin was trading at $714.88. Merely 15 minutes later, the price jumped to $721.36 before a frenetic surge saw price scale up to $739.01 at 12:55, representing a four percent swell in a half-hour period. At the time, Bitcoin was trading at $730.46.’
Two primary reasons have emerged for bitcoin’s sudden burst of fame. The first is the ever-weakening yuan. This may seem like old news, but as long as this continues, bitcoin is likely to earn support along the way. In a previous article, we discussed that the Chinese yuan had hit a six-year-low in its recent journey down south, but things have struck a new nerve to bring the yuan down to an eight-year-low. The Chinese yuan is now hovering around the same level as during the height of the Great Recession.
This post was published at Bitcoinist on 2016/11/16.