31 January 2017
The virtual currency Bitcoin has hit a new all-time high record against the pound. Bitcoin has cracked its own record set in late 2013. However, the currency remains below the record level against the dollar but has shown a significant growth if compared to its previous records. To be specific, one bitcoin was worth £782.49 on Wednesday, above the £694.65 it reached on November 29, 2013.
Courtesy of Highcharts.com, you can see the growth of Bitcoin in all those previous years.
Against the dollar, it sits around $957, below the $1,137 that Bloomberg records as its all-time high, but the fall in the pound since then has been a boon for British traders. The currency is also at an all-time high against the euro, at €918.
The steady devaluation of the Chinese Yuan is said to be the main point for the rise of Bitcoin in recent months. Most bitcoin trading takes place in China and so financial conditions in the country have a huge effect on the currency's price.
Another important factor is said to be coming from November’s election of Donald Trump. The move was to make certain cash denominations obsolete in India and Venezuela may also have had an effect on the same.