Bitcoin trading alert: Bitcoin close to $700

Bitcoin is on the move up. New “reasons” are being dug up for the appreciation. In a Bloomberg article, we read:

Bitcoin surged to a two-year high amid expectations supply of the digital currency will shrink next month.

The cryptocurrency rallied to $696.5 on Monday in Hong Kong, the highest since February 2014, according to data compiled by Bloomberg. It was trading at $689.23 as of 3:50 p.m. in Hong Kong, up 19% from Friday.

Profits from mining bitcoins will be reduced in July, a process that’s written into the code to limit supply, according to Chinese exchanges OKCoin and Huobi. Increased attention from venture capitalists and banks on blockchain, the technology of digital ledgers, has boosted bitcoin’s legitimacy, Jack C. Liu, chief strategy officer at OKCoin, said in Hong Kong.

We have read stories on how China was behind the move. Now, China is only part of the story with the mining mechanics featured more prominently. Actually, the “mining reward” story might not be as credible as would be suggested

Read more ... source: TheBitcoinNews