Bitcoin Price Climbs Over 50% in First Half of 2016

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coindesk-bpi-chart (34)

Bitcoin and sky prices both climbed during a initial half of this year, as a series of factors – including rising adoption, yuan devaluation, a ‘Brexit’ and expectation surrounding a halving of bitcoin’s mining prerogative – helped a dual digital currencies arise in value.

These developments fueled macroeconomic uncertainty, that analysts have identified as providing tailwinds to bitcoin prices. Amid this backdrop, a view of bitcoin traders was positive, according to marketplace information including long-short ratios and other measures of confidence.

While bitcoin prices climbed roughly 56% from 1st Jan to 1st July, according to a CoinDesk USD Bitcoin Price Index (BPI), this figure lagged behind a 63.8% boost enjoyed during a second half of 2015, and it fell distant brief of a 622.3% and 740.6% gains bitcoin gifted during a initial and second halves of 2013, respectively.

The cost fluctuations bitcoin enjoyed in a initial 6 months of this year took place as marketplace participants traded some-more than 450m BTC, according to Bitcoinity information collected on 10th July. Chinese exchanges OKCoin and Huobi continued to browbeat trade activity, as they accounted for some-more than 93% of all transactions.

Market view was bullish during the

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