Bitcoin Price Tops $777, Highest Exchange Rate Since Early 2014

Trump volatility, Chinese devaluation and the war on cash help push bitcoin to its highest value in almost three years.

The Bitcoin rally continues as the BTC/USD exchange rate now stands at over $777 per cryptocurrency token. Overall the total market capitalization of the entire bitcoin blockchain is valued at over $12.5 billion thanks to this rise.

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Beyond showcasing the steady growth experienced this year, this milestone figure is important because it represent a major long term recovery for Bitcoin. The last time the price was at these levels was February 2014 – almost three years ago.

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A multitude of factors is considered to have contributed to the recent price improvement. Charles Hayter, the CEO of CryptoCompare.com, explains: “Bitcoin is rallying on a mixture of global and political woes – from Trump throwing curve balls with his foreign policy – China’s continued Yuan devaluation – India’s and Spain’s moves against cash.

Coupled with all that, you are also seeing bitcoin gaining grudging acceptance from its naysayers and a light at the end of the tunnel for increasing its transaction throughput with segwit and a hard fork next year.”

Hayter adds: “The fed rate hike is another key factor to play against the yuan – but China’s gold import restrictions, trade worries and military flexing are just some of the signs of the shifting sands on the global geopolitical stage – with Trump’s Taiwanese telephone call just the first salvo.”

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