While it came close to the milestone yesterday, bitcoin price struck $750 in a continuing rally that has seen the cryptocurrency make increasing gains this week.
The figure is among the highs scaled by the cryptocurrency this year. Today’s trading peak of $750 on the Bitstamp Price Index (BPI) stuck at 9:55 AM, the first occasion since June 18, 2016, when bitcoin price struck a high of $754.83. Cryptocurrency enthusiasts and market participants will remember the month where bitcoin soared in value from $536.91 on June 1st to a high of $761.44 on June 19th in the lead-up to this year’s halving event. Altogether, today’s milestone represents a near five-month-high for bitcoin.
At the time of publishing, bitcoin was trading to the dollar at $748.2.
Bitcoin at a Premium for $906
A number of factors, including the oft-culpable Chinese investor interest, could be attributed for the rise in value.
Interest in bitcoin has never been higher in India, a country that is home to the second largest population in the world and one of the world’s fastest growing economies. A comprehensive cash crunch induced by the government, unprecedented in its scale, saw nearly 90% of the country’s physical cash notes rendered obsolete overnight. Predictably, investors and everyday citizens looking for cash alternatives have boosted demand for bitcoin in the country, at a premium.
At the time of publishing, prominent Indian bitcoin exchange Unocoin is selling 1 BTC for ₹ 61715, approx. $906.
The devaluing yuan in China is also turning local investors to bitcoin, disillusioned by weak forecasts and capital controls.
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All time references are in Coordinated Universal Time (UTC).
Images from Shutterstock. Charts from BitcoinWisdom.
Samburaj is Editor of CCN.com, one of the earliest and foremost publications covering blockchain, and financial technology news. Now focusing on Markets, Showbiz, Sports, and Gaming. He has authored over 2,000 articles for CCN.com. Reach him at [email protected]. Visit his LinkedIn profile here.
