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Bitcoin’s Price is Back Within $100 of its 2017 High

February 7, 2017 at 2:17 PM | By Jit Sutradhar Markets

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The price of bitcoin keeps creeping higher.

Bolstered by buoyed sentiment (and the increasing unlikelihood that China’s central bank will again step in and correct the market), bitcoin breached $1,050 at 13:00 UTC amid a near-3% increase for the day so far.

The total marked the highest point observed on the CoinDesk Bitcoin Price Index (BPI) since 6th January, just a day after the price dropped nearly $200 within hours of hovering near all-time highs set in late 2013 (a move that was widely attributed to the widespread use of market leverage).

The price movements come amid an uptick in volume that followed a substantial decline in volume at major exchanges.

Data from Bitcoinity shows the market is up slightly since three major China-based exchanges to begin imposing fees on both sides of bitcoin trades, a market change that is still being widely felt.

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Yet, there is still some tepid sentiment in the market, as put forward by China-based OTC trader Zhou Shouji.

He maintains that “no one knows” if further actions will be taken, though he indicated some may be preparing for this scenario.

Shouji suggested China-based traders see the increasing price as a potential red flag for domestic regulators, even while others positioned it as a more natural recovery.

 

Article Source: http://www.coindesk.com

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