The price of bitcoin is skyrocketing ahead of the ‘halvening’

rocket surging upwards take off missile submarine chinaChina Photos/Getty ImagesIt’s a good time to own bitcoin.

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.

(All figures come via bitcoin news site CoinDesk’s price analysis tool.)

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

Read more ... source: TheBitcoinNews