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Bitcoin Price Surges, Hits a Year-
After hovering around the $730-
Bitcoin to the dollar on the Bitstamp Price Index (BPI) struck $751.51 at midnight (UTC) before a quick leap that began at 00:45 saw price climb to $762.13 an hour later at 01:45. Value eased above the $760 mark before another short before another spike saw price scale to $771.03 at 05:35, all representing yearly highs.
After continually breaching this year’s high – last set in June 19th in the lead-
At the time of publishing, bitcoin is trading at $769.99.
A glance at trading volumes shows a corresponding surge in bitcoin activity in China
via major exchange BTCC. As is often the cause for increased trading activity, China
is having a stagnating year economically for over a year. In October, the yuan fell
to its lowest levels in six years and the national fiat has continued its plummet,
sinking to an eight-
Soon, China will have another policy concern to contend with, as its annual cap on the amount of foreign currency individuals are permitted to convert – $50,000 – resets come January, possibly resulting in further outflows.
As bitcoin shows shades of resiliency over volatility lately, there could be plenty more demand affecting prices come January.
Another significant factor driving demand for bitcoin is the goings-
Interest and demand for the cryptocurrency has never been higher in the second most populated country in the world, as bitcoin sold at dizzying premiums, reaching $985 earlier this week.