Bitcoin reaches a new high of over $600 as trading in China, faced once more by a devaluing yuan, spikes. CoinTelegraph spoke to experts to investigate the reasons for such a price increase and learn their forecast for the future of Bitcoin value.
The price of Bitcoin has passed $600. At time of writing, Bitcoin’s price had surpassed $630. This marks the highest the price of Bitcoin has reached in almost two years.
The last time the price had reached a similar level was late July of 2014. Since then, the price fell to around $200 in early 2015, and has been on a steady rise ever since.
The spike in the price of Bitcoin occurred around the same time as a large increase in buying from Chinese exchanges. As with the last spike, fear from a devaluing yuan, combined with China’s capital controls, led to an increase in buying of Bitcoin.