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BTC/USD: Bitcoin Prices Hit $900 in Year-End Rally
Bitcoin prices have surged this week, reaching their highest level in three years, as demand for crytocurrency continues to enjoy unprecedented growth.
The BTC/USD exchange rate opened at $916.79 on Saturday, according to CoinDesk. The price would later drop 1.9% to $899.70 at 4:20 pm ET. The cryptocurrency has gained a staggering 14% this week, and has more than doubled in 2016.
Prices are currently at their highest since December 2013, pushing bitcoin’s market capitalization above $14 billion. According to analysts, that puts the crytocurrency’s value at about the same as the average company traded on the United Kingdom’s FTSE 100 Index. What’s more, bitcoin is still trading well below its all-time peak of $1,163 reached in late 2013. This suggests further upside may be in store as the bulls command the market.
Many experts have linked bitcoin’s massive rise to a steady depreciation of the Chinese yuan, which has declined roughly 7% this year. Demand from China has been the largest contributor to bitcoin’s rise.
India’s recent decision to pull high-value notes from circulation has also boosted demand for bitcoin. These factors have combined with global political uncertainty to make favourable conditions for bitcoin investment.
Bitcoin’s appreciation comes at a time when more traditional safe havens have suffered. Gold prices are currently trading at 11-month lows, weighed down by a surging US dollar in the wake of Donald Trump’s surprise election victory. The divergence between gold and the dollar intensified earlier this month after the Federal Reserve lifted interest rates and signaled a more aggressive tightening path. Fed policymakers now expect three rate increases in 2017, followed by three more in 2018. This is expected to push the dollar even higher against a basket of other major currencies.
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Bitcoin Surges 20% In A Week As Chinese Volumes Hit Record High
The last 5 days have seen Bitcoin prices (in dollars) soar over 18% and over 20% in Yuan as volumes on Chinese exchanges continues to build, seemingly anticipating notable Yuan devaluation (confirmed by various derivative bets being placed on the Chinese currency) and/or further capital controls looming as yet another hot money Chinese bubble explodes in commodity-land.BTC/USD: Bitcoin Prices Up 58% in Fourth Quarter as Bull Run Continues
Bitcoin soared to new three year highs this week, capping off a stellar fourth quarter that saw demand for crytocurrency rise in the shadow of global economic uncertainty.
The BTC/USD exchange rate was trading at $962.29 at 12:36 pm ET on Saturday, according to CoinDesk. That represents a gain of 0.2% from the previous close. Bitcoin spiked above $978 on Wednesday, its highest since late 2013.
Bitcoin is on pace for a quarterly gain of 58%. For the year, the crytocurrency has added 123%.
China has been largely responsible for bitcoin’s bull run over the past 12 months, with bitcoin-yuan trade surpassing bitcoin-dollar volumes. There is some concern in the market that intent Chinese buying may result in another crackdown by the People’s Bank of China (PBOC), which in 2013 banned financial institutions on the mainland from dealing in the crytocurrency. However, Beijing stopped short of banning bitcoin completely, with investors free to access the currency so long as they understood the risks. Analysts have been quick to point out that the PBOC has been largely hands off since issuing its 2013 warning.
Investors in mainland China have been piling into bitcoin amid growing yuan instability. Others are attracted to the novelty of the coin and its promise of fast and cheap cross-border payments.
Bitcoin’s fourth quarter surge was also stoked by Indian investors looking for a new safety net in the wake of Prime Minister Narendra Modi’s decision to ban high-value notes. Modi’s demonetization campaign is a crackdown against “black money,” which he says is being used to finance corruption and terrorism.
Bitcoin’s good fortunes are expected to continue in the short run as money pours out of mainland China. Beijing’s foreign exchange reserves shrank by around 8% in 2016 as of November as the yuan weakened by 6% against the US dollar. The yuan could face stronger headwinds in 2017 as the US dollar continues to strengthen against a basket of other major currencies. With the Federal Reserve just beginning its policy of rate tightening, the US dollar is expected to see further upside.
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Bitcoin breaks above $1,000 as 2017 kicks off
Web-based digital currency bitcoin extended its record-setting rally in the first trading session of 2017 on Monday, hitting its highest levels since November 2013 amid bullish momentum.
Bitcoin was trading as high as $1,020.02 on the New York-based itBit exchange, before falling back to $1,015.44 by 5:30AM ET (10:30GMT), up around 2% on the day.
Other big exchanges such as Bitfinex, Kraken and BitStamp also showed the cryptocurrency topping $1,000 early Monday.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 2.1%, to $1,018.20.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China rose 1.5% to ¥7,268.58 (approximately $1,050).
The fresh high for Bitcoin has also pushed market capitalization records above $16 billion.
The digital currency rose more than 100% in 2016 amid heavy buying from China and India, as investors look to shield themselves from currency depreciations and cash crunches.
U.S. and European buyers also accounted for the bulk of trading volume, as traders look for safe havens following dramatic political shifts in the world economy.
Analysts say prices of the digital currency look set to test all-time highs of $1,216 in the near-term. Some even expect it to reach price parity with gold later this year amid increasing demand for alternative assets.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
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Bitcoin prices rally past $1,080; next stop $1,100
Web-based digital currency Bitcoin extended its record-setting rally on Wednesday, hitting its highest levels since November 2013 amid increased demand from buyers in China.
Bitcoin was trading as high as $1,088.09 on the New York-based itBit exchange, before falling back to $1,080.50 by 6:45AM ET (11:45GMT), up around 5% on the day.
Other big exchanges such as Bitfinex, Kraken and BitStamp also showed the cryptocurrency topping $1,080 early Wednesday.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rose 4.7%, to $1,079.41.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China rose 4.7% to ¥7,780.00 (approximately $1,120).
The fresh high for Bitcoin has also pushed market capitalization records above $16 billion.
The digital currency rose nearly 125% in 2016 amid heavy buying from China and India, as investors look to shield themselves from currency depreciations, capital controls and cash crunches.
U.S. and European buyers also accounted for the bulk of trading volume, as traders look for safe havens following dramatic political shifts in the world economy.
Analysts say prices of the digital currency look set to test all-time highs of $1,216 in the near-term. Some even expect it to reach price parity with gold later this year amid increasing demand for alternative assets.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
source
Bitcoin Price Falls Sharply Over $200 to Sub $900 Levels
The BTC/USD exchange rate crashed about 9% in the last hour - is the bubble bursting?
After euphoria gripped Bitcoin investors in recent weeks, sending the cryptocurrency to heights not seen in three years, could it all be crashing down to the hard floor of reality? Falling from as high as $1140, the price of bitcoin is now trading lower than $900.
The main reason for the recent rally has not changed, with demand from Chinese investors at an all time high. However, once the price broke $800 it seemed to be in a hype cycle that new records were set every day as new general investors piled on when they heard about the surge on mainstream news publications like Bloomberg, CNBC, the New York Times and more. These types of investors are evidently not looking for a long term position and sold at the first sign of a reversal. The trigger seems to be unconfirmed online rumours of a clampdown on virtual capital outflows in China.
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BTC/USD: Bitcoin Prices Suffer Biggest Selloff in Two Years After Beijing Yuan Intervention
Bitcoin got crushed on Thursday, just one day after soaring to three-year highs, as Chinese authorities stepped in to shore up a plunging yuan renminbi.
The BTC/USD exchange rate fell more than 23% in intraday trade, reaching a session low of $887.47, according to CoinDesk. That was the digital currency’s biggest plunge in two years.
Bitcoin would later pare losses against the dollar down to around 12.3% to settle at $900.84 at 5:40 pm ET.
Prior to Thursday’s selloff, bitcoin was trading at its highest level since the end of 2013, propelled by booming Chinese demand and greater uptake in places like India, where demonetization was taking its toll on local investors. Bitcoin surged above $1,100 earlier this week and was poised to break new records.
The digital currency’s sharp decline was largely due to the Chinese yuan, which on Thursday rose at its fastest pace against the dollar in a year in offshore trade. Although the large offshore gain reflected the yuan’s sharp rise onshore, it was also due in part to moves by the People’s Bank of China (PBOC) to tighten capital controls. The PBOC set its yuan mid-point at 6.9307 against the dollar, down from 6.9456 on Wednesday. While the central bank cannot control offshore trade of the yuan, it usually moves in close lockstep with its onshore counterpart. However, on Thursday, the difference between the onshore and offshore values was much larger.
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Bitcoin Price Falls Sharply Over $200 to Sub $900 Levels
After euphoria gripped Bitcoin investors in recent weeks, sending the cryptocurrency to heights not seen in three years, could it all be crashing down to the hard floor of reality? Falling from as high as $1140, the price of bitcoin is now trading lower than $900.
The main reason for the recent rally has not changed, with demand from Chinese investors at an all time high. However, once the price broke $800 it seemed to be in a hype cycle that new records were set every day as new general investors piled on when they heard about the surge on mainstream news publications like Bloomberg, CNBC, the New York Times and more. These types of investors are evidently not looking for a long term position and sold at the first sign of a reversal. The trigger seems to be unconfirmed online rumours of a clampdown on virtual capital outflows in China.
FT Calls Bitcoin a Pyramid Scheme on the Cryptocurrency’s 8th Birthday
On the 3rd of January, 2009 Bitcoin’s creator Satoshi Nakamoto started off the blockchain by mining the first ever block (now known as the Genesis Block) which means Tuesday was the cryptocurrency’s 8th birthday.
A lot of mainstream media attention came to bitcoin on this day but the multiple-year survival and growth of the project was not the main focus of it. As expected, the round $1000 BTC/USD exchange rate was the trigger that put the cryptocurrency on their maps again.
Bloomberg, New York Times, CNBC and others all covered the three year record price (which since advanced to over €1000). However, one writer used this occasion to trash bitcoin all together. The Financial Times’ Capital Markets Editor, Dan McCrum, called the cryptocurrency a worthless pyramid scheme.
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BTC/USD: Bitcoin Prices Consolidate Above $900 After Volatile Week
Bitcoin’s value stabilized above $900 on Tuesday, following a period of intense price volatility that led to the digital currency’s biggest flash crash in two years.
The BTC/USD exchange rate edged up 0.1% to $905.76 at 7:12 pm ET, according to CoinDesk BPI. Daily prices fluctuated between $897.57 and $914.02, much narrower than the triple-digit spread that characterized some of last week’s most volatile sessions.
Bitcoin, the strongest performing currency of 2016, came within $25 of all-time highs last week. Then, suddenly, the People’s Bank of China (PBOC) lowered the yuan’s midpoint rate against the US dollar to 6.9307 last Thursday from 6.9456. The yuan surged at the fastest pace in a year in offshore trade. While the PBOC cannot control offshore activity, its policies regarding the yuan impact its movements globally.
The yuan-dollar exchange rate was last seen at 6.9179.
Bitcoin’s inverse relationship with the yuan highlights China’s growing influence on the digital currency market. In an effort to circumvent capital controls, Chinese investors have poured into bitcoin, and have been largely responsible for its biggest moves over the past 12 months.
The PBOC recently met with representatives of Chinese bitcoin exchanges, raising fresh worries about tighter capital controls and increased regulatory oversight over the digital currency space. The details of the meeting were not disclosed, but representatives from the major exchanges said it was business as usual.
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