Bitcoin Price Consolidates Above $700 After Re-Test of 2016 High

The value of bitcoin declined Saturday, though remained upheld above $700 after a post-election convene progressing this week.

The BTC/USD fell 1.4% to $706.42 during 12:48 pm ET, according to CoinDesk. The span traded within a daily operation of $703.88 and $717.76.

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A stronger dollar was partly obliged for a annulment in bitcoin’s fortune. On Friday, a US dollar traded during uninformed nine-month highs opposite a basket of other vital currencies, as investors continued to expect a US rate travel by a Federal Reserve subsequent month.

Bitcoin has surged 11% opposite a dollar over a past month as partial of a extended converging trend following mid-summer volatility. The cryptocurrency was also upheld by continued shopping seductiveness from China, where investors are diversifying divided from yuan-denominated assets. India is also a flourishing source of bitcoin confidence amid a latest rupee controversy.

Bitcoin tested 2016 highs progressing this month, reaching a allotment high of $742.46 on Nov 2. That was a top given a Jun 19 allotment of $764.04.

Propelling bitcoin brazen is flourishing recognition about the utility, generally as a risk-off asset. Investors, speculators and innovators are now eager



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