Bitcoin reaches highest total valuation of $14 billion
Bitcoin, the digital currency that most people have never actually used, has hit a record value of $14 billion after jumping 5 percent on Thursday.
The price of a single bitcoin reached $875 on the European Bitstamp exchange, according to Reuters, which is the best the currency has done since January 2014. The currency has doubled from $435 at the start of 2016.
Experts claim the growth corresponds with a weakening in the Chinese yuan; bitcoin is apparently attractive to Chinese traders because it enables them to evade currency controls.
The value of bitcoin plummeted in August 2016 after a hacker managed to steal millions of dollars worth.
Meanwhile, the individual valuation of bitcoin is still shy of the high of $1,163 reached in late 2013.
Remember to get your bitcoins out of the exchanges by Aug 1st!
I think its also the downtrdnd in the usd as kuch as what is going on in the YUAN with the USd in a sharp down trend since january