Markets Weekly is a weekly column analyzing price movements in the global digital currency markets. This piece covers the period from 11th to 18th November.
The price of bitcoin surpassed $750 this week as it continued to near its 2016 high set back in June.
The digital currency rose to as much as $752.04 on 17th November, before falling back, according to CoinDesk USD Bitcoin Price Index (BPI) data. Bitcoin prices then proceeded to fluctuate over the course of the week, surpassing $750 multiple times, but failing to build support above this level.
At the time of report, bitcoin had dipped once again, trading at roughly $745, but even after this decline, bitcoin was trading more than 4% higher for the week.
Concerns about further devaluation of the yuan, a decree made by the Indian government to take certain bills out of circulation, and sustained uncertainty about the outcome of a Donald Trump presidency all affected the digital currency.
Petar Zivkovski, director of operations for leveraged bitcoin trading platform Whaleclub, summed up the impact of the Chinese developments nicely.
“In the wake of an ever-devaluing yuan, Chinese residents are seeing their yuan-based savings evaporate based on the whim