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Bitcoin Price Moves past $800 for the First Time Since 2013

December 21, 2016 at 16:19 by Yahia Barakah

The price of Bitcoin soared on Wednesday to move past the $800 mark. Traders in Europe and the United States increased their demand for the digital currency once it recorded a new high for 2016, to reach its strongest level in three years.

Bitcoin had a steady rise throughout 2016, with a number of fundamental factors supporting demand for the virtual currency. The British vote to leave the European Union on June 23 was one of the key events for Bitcoin’s gains, which brought more demand from European investors who are looking to store their capital in the safety of the cryptocurrency.

The US dollar’s surge against the yuan increased the effect of currency devaluations done by the People’s Bank of China, which placed more pressure on Chinese investors to look for methods of hedging their funds that restrictions of capital movement do not apply to in the nation. Indian demand for the digital currency also rose following a surprising decision by the government to ban two common banknotes.

BTC/USD traded at 824.9 as of 16:00 GMT, after touching 827.5 at 15:40 GMT, the pair’s highest level since December 2013. BTC/USD opened trading today at 799.2.

If you have any questions and comments on bitcoin today, use the form below to reply.

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