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Bitcoin Prices Approach 2016 High
Bitcoin prices surged nearly 7% this week, as perceived economic and political risks drove investors to the safety of cryptocurrency.
According to CoinDesk, the BTC/USD exchange rate was trading at $749.94 Saturday afternoon, virtually unchanged from the previous close. Bitcoin surpassed $750 several times this week, but failed to extend gains above that critical level. The BTC/USD is currently trading at its highest level since June.
Several market forces are driving demand for cryptocurrency. Concerns of further yuan intervention by the People’s Bank of China (PBOC) and a decree by the Indian government to purge certain bills out of circulation impacted bitcoin’s value this week. Uncertainty surrounding President-elect Donald Trump’s economic policies is also driving demand for bitcoin.
Trump’s surprise election on November 8 triggered a massive rally in equities. It also created currency turmoil as the US dollar surged to nearly 14-year highs against a basket of other major currencies.
The year 2016 has been a roller coaster for bitcoin. The cryptocurrency enjoyed a prolonged period of stability through the first half of year, reaching multi-year highs in June. Prices plunged in the latter half of summer after a high-profile security breach of a Hong Kong-based bitcoin exchange raised fresh worries about the viability of digital currencies. Bitcoin has since reversed its summer losses and appears poised to test new highs.
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Bitcoin Prices Ease Off Five-Month High
The price of bitcoin declined Wednesday after a choppy week of trading, as the market eased off five-month highs triggered by growing demand in Asia.
The BTC/USD exchange rate slipped 0.6% to $743.55 at 7:55 am ET. The pair traded within a daily range of $736.46 and $748.23. Despite the decline, bitcoin has gained nearly 15% over the past four weeks.
Demand for the digital currency grew last week after the Indian government decided to demonetize high-value currency notes, leaving investors scrambling for alternative investment solutions. Higher demand in India follows a similar trend in China, where investors have exited yuan-denominated assets to safeguard against future devaluations.
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Bitcoin Prices Lose Momentum After Attempting New 2016 Highs
The price of bitcoin declined in the latter half of the week after coming within striking distance of 2016 highs on robust demand from emerging markets.
The BTC/USD exchange rate was down 1% at $731.20 Saturday at 12:19 pm ET (17:19 GMT). The pair briefly traded near $755 on Wednesday before returning lower. The BTC/USD established a two-year high of $781.31 in mid-June, according to CoinDesk.
Bitcoin has built strong support above $700 after the government of India decided to purge high-value currency notes, leaving investors scrambling for alternative stores of value. The cryptocurrency has been supported all year long by growing Chinese demand in the wake of repeated yuan devaluations and stricter capital controls. Cryptocurrency has also become a more viable investment vehicle among the digitally-savvy mainstream. As a result, by the end of November, bitcoin will have enjoyed its strongest stretch above $500.
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BTC USD Forecast - Bitcoin Price Trades At A Hefty 35% Premium In India
Bitcoin completed an important milestone on 28 November. It marked six straight months the digital currency has traded above $500, a new record. This shows that bitcoin is coming off age and its volatility is reducing as more and more participants are attracted to it.
The recent demonetization drive in India has increased the demand for the bitcoin. In India, the digital currency is trading at $985.27, a hefty 35% premium over the International prices, as detailed in cryptocoins news.
India, with a population of more than a billion, is pushing for a cashless economy, which is likely to increase the demand for bitcoin.
Separately, in another boost to bitcoin, the Swiss branch of Ernst & Young, one of the big-four accounting firms, will accept bitcoin for invoice payments starting January next year.
“We don’t only want to talk about digitalization, but also actively drive this process together with our employees and our clients. It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies,” said Marcel Stalder, EY Switzerland’s CEO, reports CoinDesk.
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Bitcoin Prices Challenge Multi-Year Highs as Bullish Trend Continues
The price of bitcoin surged this week, reaching its highest level in almost three years as traders continued to pour money into crytocurrency as an alternative investment vehicle.
The BTC/USD exchange rate neared $780 on Friday, approaching its highest level since the Mt. Gox scandal in February 2014. Bitcoin was last trading at $764.21 at 2:18 pm ET on Saturday, according to CoinDesk. It traded as high as $771.47 earlier in the day.
Bitcoin has been trending higher since September, boosted by macroeconomic developments and growing risk sentiment in the global financial markets. China has emerged as a major end market for bitcoin, a trend that is expected to continue as Beijing tightens capital controls to stem outflows and reduce the yuan’s continued devaluation against the dollar.
Analysts note that bitcoin is valued higher in the yuan renminbi than in the US dollar. In recent days, the spread has been as high as 3%, a clear sign that Chinese investors were once again driving the market.
Demand for bitcoin also rose last month after India’s Prime Minister Narendra Modi decided to purge high-value currency notes in an effort to stamp out so-called “black money.” The move has left investors scrambling for alternative investments, which partly explains bitcoin’s recent surge.
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India’s Cash Crunch Sends Bitcoin Prices to Nearly Three-Year High
India’s effort to stem corruption by taking high-value notes out of circulation has sent bitcoin prices soaring. This week, the cryptocurrency approached three-year highs as risk averse investors continued to diversify out of volatile currency markets.
The BTC/USD exchange rate was trading as high as $775.09 on Saturday, according to CoinDesk. As of 1:15 pm ET, the pair was up 0.5% to $774.15. That’s within striking distance of the June high of $781.31. The BTC/USD settled at $770.41 on Friday. A clean move above June highs would send bitcoin to its strongest settlement since 2014.
Bitcoin has been on a tear since early November after Indian Prime Minister Narendra Modi removed Rs500 and Rs1000 notes from circulation to counter black market activity that was aiding corruption and terrorism. The decision, which affects $256 billion worth of notes, proved extremely controversial domestically, triggering a cash crunch in Asia’s third-largest economy.
The cash shortage has led to a near doubling of bitcoin trading volume in India, a clear sign that investors were viewing cryptocurrency as a safe haven. Indians have also been downloading digital payment apps at a faster pace, according to Unocoin, the country’s largest bitcoin company.
Bitcoin’s haven status has grown this year as investors have looked for hedges against currency instability. The eight-year old cryptocurrency has no central authority and is therefore not directly affected by things like monetary policy.
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BTC/USD: Bitcoin Prices Hover Near Three-Year High, Hinting at $800
Bitcoin’s market value held firm on Wednesday, with prices hovering around 34-month highs in the latest sign that demand for cryptocurrency was on the rise.
The BTC/USD exchange rate was up 0.5% at $778.76 at 7:54 am ET, according to CoinDesk. The pair traded within a daily range of $771.55 and $779.30.
Prices spiked as high as $788.49 on Tuesday, surpassing the yearly peak on route to the highest level since February 2014. The BTC/USD appears poised to challenge $800, a level not seen since early 2014.
Bitcoin’s value has moved from roughly $430 at the start of the year to nearly $800 in December, a gain of more than 80%.
In a year of falling venture capital investment, high-profile cyber breaches and growing criticism surrounding blockchain, bitcoin has emerged as a viable player in an increasingly volatile marketplace. Soaring demand in Asia, particularly in China and India, has underpinned the recent rally, as investors look to hedge against currency volatility.
The US dollar was trading lower against a basket of fiat currencies Wednesday morning, as investors turned their attention to the Federal Reserve’s upcoming policy decision. The US central bank is widely expected to raise interest rates at 2:00 pm ET, which could drag the dollar higher against its global peers. Policymakers at the People’s Bank of China (PBOC) are closely following the dollar’s moves, as it has a direct impact on the yuan renminbi. The Chinese currency is pegged to a floating basket of 13 currencies, known as the CFETS RMB Index.
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BTC/USD: Bitcoin Prices Reach $790
Demand for bitcoin rose on Saturday, as prices reached their highest level of the year in the latest sign cryptocurrency was being used as a hedge against foreign exchange volatility.
The BTC/USD exchange rate reached a daily high of $790.84 on Saturday. Prices were up 1.1% at $789.67 at 2:14 pm ET, according to CoinDesk. That effectively puts the cryptocurrency at its highest level of the year.
2016 has been a transformative year for bitcoin, which remains the premier digital currency in an age where demand for alternative investments and payment methods are on the rise. Bitcoin enjoyed unprecedented stability through the first six months of 2016 on route to multi-year highs. Prices would then backtrack after Hong Kong-based exchange Bitfinex announced more than $70 million worth of bitcoin was compromised in a cyber theft.
Investors in Asia, primarily China and India, have since picked up the slack. Chinese investors have entered bitcoin to hedge against yuan instability, while Indians have increased their uptake of the cryptocurrency in the wake of Prime Minister Narendra Modi’s decision to remove high value notes from circulation.
Bitcoin’s value has surged 30% over the past three months and appears poised to continue higher in the short-term as investors take aim at $800 – a level not seen since early 2014.
Bitcoin’s resurgence is coming at a time of profound strength for the US dollar. The world’s most actively traded fiat currency has surged more than 5% since the election of Donald Trump on November 8. The dollar index rose to nearly 14-year highs this past week after the Federal Reserve raised interest rates and signaled a faster pace of policy tightening over the next two years. Traders anticipate that the Fed will raise rates again in June, according to the CME Group’s 30-day Federal Funds futures prices.
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BTC/USD: Bitcoin Prices Surge to $827; Up More Than 90% on Year
The value of bitcoin surged on Wednesday, reaching its highest level since February 2014, as haven demand and emerging market interest continued to fuel the uptrend.
The BTC/USD rose 3.4% to $827.71 at 10:38 am ET, according to Coindesk. The digital currency was trading near session highs after opening the day below $800.
Bitcoin prices resumed their uptrend in early September after a volatile summer. Since September 1, bitcoin prices have gained 45%. The value of the digital currency is up more than 90% this year.
A combination of factors have contributed to bitcoin’s resurgence. Britain’s vote to leave the European Union in June, yuan instability in China and Indian Prime Minister Narendra Modi’s decision to purge high-value notes from circulation have all fueled bitcoin’s safe haven appeal. These and other underlying market forces have been largely responsible for the digital currency’s progressive gains over the past three months.
Despite the gains, the currency saw plenty of volatility this year, according the Bitcoin Volatility Index. Much of that uncertainty stemmed from a high profile security breach of a popular Hong Kong-based bitcoin exchange during the summer.
According to analysts, there were no direct catalysts responsible for Wednesday’s move, although lighter trading volumes in the global financial markets may have contributed for the sharp gain. Trading volumes in conventional financial assets are expected to decline toward the end of the week as investors break for the holidays.
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