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Bitcoin Price Remains Stable as Traders Expect Possible Gains

November 25, 2016 at 15:58 by Yahia Barakah

The price of Bitcoin was little changed on Friday from its previous day’s level as the virtual currency firmed ahead of another possible wave of gains, which Bitcoin’s traders believe might push the currency beyond 800 dollars mark.

Expectations of higher prices of Bitcoin climbed following reports that suggested that India’s government might have plans to ban the importation of gold. India is one of the biggest importers of gold in the world, with the metal’s imports reaching as much as 700 tons per year.

If a ban on gold imports is imposed in the country, safe haven assets will receive much higher demand. However, Indian capital regulations and laws make it difficult to access most haven assets, leaving investors with Bitcoin as their only highly liquid and relatively stable shelter.

Demand for the digital currency in India already rose after Prime Minister Narendra Modi announced the ban of the 500 and the 1,000 rupee bills in a move that aims to hit counterfeit banknotes. Indians rushed to Bitcoin to protect some of the 86% cash that was affected by the sudden decision.

On other news, Bitcoin enthusiasts are keeping their eyes on Bitcoin Black Friday, an event that started in 2012 to allow merchants to announce their Bitcoin offers during the event’s day. The event celebrates Bitboin’s history in its 2016’s version.

BTC/USD traded at 732.8 as of 15:40 GMT, from Thursday’s high at 741.1. The pair started trading today at 735.5 and moved no lower than 728.8 at 04:30 GMT, and no higher than 734.7 at 09:45 GMT.

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

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