Bitcoin Price Passes $600 as Talks of Recession Intensify

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Several reasons have been alluded to regarding the sharp rise in the price of Bitcoin from Saturday September 3 when it jumped from about $574 to $610 by the following day, including a push from speculators expecting the devaluation of the Chinese yuan.NIRP Umbrella tweeted that Bitcoin’s price was nearly 10% against the yuan, citing the decentralized utility of the currency being “in full force vs. arbitrary devaluations.”Factors that might have influenced the priceNow sitting at the $600 price range, this is the highest the currency has reached since the August 2 hack of the Chinese exchange Bitfinex, when Bitcoin worth close to $65 million was reportedly stolen. Its price was around $640 before the hack.The fact that the rise came after Bitfinex announced the redemption of 1.1812% of outstanding BFX tokens also points in the direction of the exchange being a factor for the price swing. Or that it was a reversal to the pre-Bitfinex hack price.The announcement of... read full article »