2016/10/28 5:00 AM
Another rise has been recorded. Since our last piece, the bitcoin price has shot up by about another $30 and is hanging around the $680 mark. Bitcoin just keeps booming away, and it’s plausible that the digital currency could potentially reach $700 in the coming weeks if its current streak stays strong.
Also read: Bitcoin Price Watch: Are We About to Hit $700?
One source describes the action with a ray of excitement:
“Wow, what a night. We’ve been asking for some volatility in the bitcoin price for the last couple of days, and boy did we get it last night.”
This is the second near-$30 rise for bitcoin in the short span of about a week, and several analysts are “blaming” the devaluation of China’s native yuan currency for the alleged spikes in the coin’s price.
As the strength of fiat continues to drop, many asset holders (particularly in China) are seeking ways to retain some form of power and control in their…