Bitcoin passes the $800 mark

Bitcoin crossed the threshold around 11:40pm GMT 21st December, 2016 and is currently trading around $815.

The move past $800 USD has been described as breaking a “definite psychological barrier.”
Bitcoin has been steadily rising in recent months, bolstered by investors looking for safe havens following dramatic political shifts in the world economy. Bitcoin is a very volatile asset, but is generally not correlated with other markets, making it a useful place to invest when other assets fall in value.

Reports from CBNC state that the rally is difficult to pin down as there are a number of contributing factors that include the global economic and political shifts underway with (President-elect Donald) Trump and the Eurozone with Bitcoin becoming a digital hedge and flight to safety.

Bitcoin and Dollar notes

Chinese trading is a significant factor behind bitcoin’s above the $800 mark. Trading volumes in China have been “extraordinary”, ¬†with 10 million bitcoins traded on days in October and November. This has now subsided to a steady trading of around 3.5 million bitcoins a day.

A further point is the more fundamental and technical underpinning of bitcoin’s evolution with positive moves on scaling – or increasing the number of transactions the network can process the CBNC report stated.

It has been a good year to be a bitcoin investor. Those who bought the cryptocurrency at the start of the year would have seen their investment grow around 87 percent!