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Bitcoin price is surging. The price of the cryptocurrency has scaled the $700 milestone in a formidable October rally.
The current rally, the likes of which hasn’t been seen since June 2016 when bitcoin price jumped from $578 on June 10 to $794 to $766 on June 16, in less than a week. At the time, demand for bitcoin rose significantly with investors turning to the cryptocurrency in anticipation of the UK’s EU referendum which saw Britain exit the European Union.
The latest jump in a near month-long sustained price swell began early this weekend. The Bitstamp Price Index (BPI) registered BTC to USD price at $687.21 at 01:45 UTC before stepping up a gear to trade at $696.52 at 02:05. A steady trading period followed before bitcoin price struck $700 at 07:45, a number unseen since June and one brief trading period on July 2. At the time of publishing, the BPI shows bitcoin price at $713.71.
The Usual Suspect
Market observers point to Chinese investors as the driving force behind the surging demand for bitcoin, in an economic climate that sees the yuan falling for
Read more ... source: TheBitcoinNews
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