Note from the Publisher: Holy cow, that’s all we can say. Bitcoin, and all digital currencies, are very volatile due to lack of depth in the market, but that’s a pretty crazy stat in the headline, given that it represent a 4% hike in an hour. We continue to advocate to our wealth management/hedge fund audience that you should get educated about digital currencies and consider some investments/holdings for hedging, but we are NOT makings specific recommendations. Even so, read below from CoinDesk.
“The price of bitcoin rose nearly $30 over one hour of trading today, spiking to $740 as it continued to test 2016 highs.
The sudden boost followed a relatively slow uptick over the course of recent trading sessions, with the price fluctuating between $706 and $713 from 0:00 UTC on 15th November to 12:00 UTC today, figures from the CoinDesk Bitcoin Price Index reveal.
However, that would soon change as the price began rising quickly, spiking nearly 4% over the course of just 60 minutes today.
Speculation on social media credited the boost to a weakening of China’s yuan, a theory that is supported by the fact that China-based bitcoin exchanges continue to account for the lion’s share of trading, but that perhaps lacks credible anecdotal evidence.