Bitcoin Price Finds its Climbing Boots Again

Journalist:
Samburaj Das @sambdas
December 8, 2016

Bitcoin price is clawing its way back to a range amongst the highs achieved in 2016. Today’s high of $772. 01 sees the value of the cryptocurrency within touching distance of the year-high mark scaled in June during the lead-up to this year’s halving event.

Today’s high registered at 11:30 UTC after steady gains made from midnight when bitcoin price was trading to the dollar at $764.02 on the Bitstamp Price Index (BPI).

At the time of publishing, Bitcoin is trading at $768.97.

The price climb registers at a time when the devaluation of the Chinese yuan continues, turning Chinese investors over to bitcoin. In January 2017, the foreign currency cap imposed by the Chinese government for the amount of foreign currency that a Chinese citizen is a permitted to convert ($50,000) will be reset for the new year. Inevitably, the surge in capital outflows could weaken the yuan further, setting off a market reaction that could lead to further demand for safe value assets, which bitcoin is fulfilling a role as.

A number of other factors are at play around the world could explain the value gains shown by Bitcoin in recent months. India’s demonetization drive, the unexpected Trump Presidential election victory, and Brexit are only some of the major economic and political events in recent times that could explain bitcoin’s stability and gains.

The value of bitcoin does not show any sign of being affected by Circle’s announcement yesterday. The former bitcoin, among the best-funded early startups in the bitcoin industry, abruptly announced that it would discontinue its feature for buying and selling bitcoin.

For a live Bitcoin Price chart, click here.

For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here.

All time references are in Coordinated Universal Time (UTC).

Image from Shutterstock. Chart from Bitcoin Wisdom.

Last modified (UTC): December 8, 2016 21:57

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas