Bitcoin’s Price is Back Within $100 of its 2017 High
The price of bitcoin keeps creeping higher.
Bolstered by buoyed sentiment (and the increasing unlikelihood that China’s central bank will again step in and correct the market), bitcoin breached $1,050 at 13:00 UTC amid a near-3% increase for the day so far.
The total marked the highest point observed on the CoinDesk Bitcoin Price Index (BPI) since 6th January, just a day after the price dropped nearly $200 within hours of hovering near all-time highs set in late 2013 (a move that was widely attributed to the widespread use of market leverage).
The price movements come amid an uptick in volume that followed a substantial decline in volume at major exchanges.
Data from Bitcoinity shows the market is up slightly since three major China-based exchanges to begin imposing fees on both sides of bitcoin trades, a market change that is still being widely felt.
Yet, there is still some tepid sentiment in the market, as put forward by China-based OTC trader Zhou Shouji.
He maintains that “no one knows” if further actions will be taken, though he indicated some may be preparing for this scenario.
Shouji suggested China-based traders see the increasing price as a potential red flag for domestic regulators, even while others positioned it as a more natural recovery.
Image via Shutterstock
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