The past two weeks have been good for bitcoin. Thanks to various factors the price has been keeping its head above the $260 mark and fluctuating in the $270s until today. Today the price has broken the $280 ceiling to reach over $281.
The considerably stable bitcoin price combined with the not so significant improvement in the world economy over the week has led to increased trading activity. On Thursday Huobi, the largest Chinese bitcoin trading platform reached a record trading volume of over 770000 bitcoins, states the exchange in an interview on CoinTelegraph. Bitcoin exchanges are reporting an increased number of users on their platforms as well. The increased trading, especially in China comes around the time the Chinese government has further cut its interest rate by 0.25 percentage points. The rate cut is fueled by weakening of the economy with the country’s economic growth hitting a 6 year low of 6.9%. (As reported by The Guardian).
Meanwhile the other economic driving force, United States has its economy ranked at D+ at the moment (according to CNBC’s analysis). The outlook remains at an 18 month low among the people, however the dollar is