The Bitstamp Price Index struck a 3-week high of $383 at 9:22 AM UTC today, soon after a steady increase from Sunday when Bitcoin price to USD opened at $362.75. The late hours of Sunday saw the price jump from $364 at 9:43 PM UTC to $372.38 at 10:55 UTC.
The steady turnaround comes after the frenetic increase earlier this month when the price set records with increased trading from Chinese exchanges playing a significant role with the recent yearly-high.
The opening of the Gemini Bitcoin exchange, the Chinese central bank slashing rates to spur a stagnating economy and the increased outflow of capital away from the country are also cited as factors behind a turbulent November for price of the cryptocurrency. The earlier price surge also preceded the final Silk Road auction which saw 44,000 seized BTC for bidding.
Bitcoin has seen a steady increase in price since late early September and struck a milestone of $290 on October 27 before ringing a then-year high of $334.05 on 30 October.
Following recent corrections after striking a yearly high beyond $500 earlier this month after a rapid increase in price, Bitcoin price is seeing a more balanced resurgence to climb again and hit a 3-week high of $383 on the Bitstamp Price Index today.
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