Bitcoin Market Cap Above $12 Billion as Price Claims Back to $750

Bitcoin is once again providing great opportunities for traders and investors with great volatility on a long term rising trend. The BTC/USD exchange rate now edges closer to $750 after falling to the $700 level just a number of days ago. It thus completed a rise of a $100 in price in less than a month.

Looking deeper at the numbers, we can see that the BTC/USD exchange rate jumped by 5% in just the last 24 hours on the back of huge trading volumes. Transactions worth over $165 million took place during this time in USD trading alone while RMB volumes are normally 900% bigger.

In total, the overall valuation of all bitcoin in circulation is now back above $12 billion – a benchmark market cap not seen for a while.

An obvious reason for the very recent jump in price is not immediately available. In online bitcoin trading forums speculations mainly include rumours of massive buy-ins by wealthy Chinese trying to hedge against the intentional devaluation of the yuan (RMB) or a possible post-Trump protectionist trade war.

Looking farther for a reason for investors to turn to bitcoin we would still remain in Asia as India is undergoing a massive economic experiment

Read more ... source: TheBitcoinNews

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