Bitcoin rose to its highest value since July

The digital currency Bitcoin rose to its highest value since July, as the interest of investors returned against the uncertainty of the major market instruments. According to CoinDesk, the Bitcoin price rose by 1.2% to 685.23 USD. During the previous week its price rose by 8.5%, while since the beginning of the month, the growth was 13%.

The digital currency recovered after the strong depreciation during the Summer, when was hacked the Hong Kong-based exchange Bitfinex. During the fraud were stolen 119,765 bitcoins for almost 65 million USD. Ten the Bicoin lost 20% for less than a week and its price dropped to 500 USD.

The market analysts do not see special reason for the sharp growth of the digital currency, but suggest that appreciation is due to the Chinese interest in the offshore investments and downtrend of the local currency. This increased the trade volumes of the crypto-currency, which in turn pushed the price.

The higher trade volumes of Bitcoin comes exactly from China, as investors are trying to reorganize wallets of assets, denominated in yuans. The Bitcoin gives to the investors bigger control over their assets, especially in moment of big uncertainty of the local currency, which depreciated to its 6-month bottom against USD.

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