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.
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.
Last modified: March 4, 2021 4:52 PM