2016/10/30 7:37 AM
The bitcoin price has increased by an additional $20 since our last report and is now hovering at the $700 mark. This makes it official: bitcoin has reached the point projected, and crypto-fans are breaking out the champagne.
Also read: Bitcoin Price Keeps Booming, Another $30 Rise in the Books
One source explains the action:
“Well, there we go. . .As we said this morning, it’s been a great week for our breakout strategy. When tings move like they have done this week, it’s difficult not to profit from the volatility. All we needed to do was set up our key levels and wait. That’s all we ever really do.”
Bitcoin Price Rallies as China’s Monetary Problems Worsen
Activity in China is still believed to be the cause of bitcoin’s subsequent jumps. The yuan just hit a six-year low, and investors are rushing like crazy to purchase bitcoins and “circumvent capital controls.”
Chief strategy officer at OKCoin Jack Liu…