The world’s most valuable cryptocurrency bitcoin is surging once again, this time toward the $600 mark, a price it has not reached since early August 2014 when the digital currency’s value was in freefall. The exact reason for the price rise is unclear, but the continuing uncertainty over the Chinese yuan is thought by many to be pushing the price of bitcoin higher.
On Tuesday, the price of bitcoin reached $590.98, according to CoinDesk’s Bitcoin Price Index, marking its highest price since July 2014, an almost two-year high. The recent surge has seen bitcoin’s price jump almost a third in the space of two weeks. On May 26 the price of a single bitcoin was around $450, a price it had been at for over a month.
In the space of two weeks, the market capitalization of the world’s most popular cryptocurrency has jumped from $7 billion to over $9 billion.
The reason for the continued upward surge in the price of bitcoin is believed to be linked to the devaluation of the Chinese yuan, with investors seeking to circumvent foreign exchange restrictions placed on the currency by the government.
“The fears of a sharp yuan devaluation are rising. It was set off by the People’s Bank