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Bitcoin has broken $700!
The digital currency has gone on a wild streak over the weekend, peaking above $700 on Monday, and is currently hovering around that point — $700.58 as of writing.
In the space of a month, bitcoin’s value has jumped by more than 30% — from around $450 (£317.38) in mid-May to the $700 mark it is hovering around today.
This is the highest bitcoin’s price has been in around two years — it last broke the $700 mark back in February 2014, when it was trending downwards following all-time highs of more than $1,100.
Bitcoin is infamously volatile. This time last year, it was just a third of its current value, around $230. But it has slowly regained value since, gathering pace over the last few weeks.
The price surge comes ahead of a “halvening” or “halving” later this month. This is a reduction in the amount of bitcoins produced by mining — the process whereby computers dedicate processing power towards creating new