Bitcoin Price Surges Past $1,178, Chinese Exchanges Break All-Time High

Chinese Bitcoin exchanges including BTCC, the largest Bitcoin trading platform in the market, broke an all-time high price CNY$7,666 or $1,103, surpassing the previous record of $1093.

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Bitcoin Price Surges Past $1,178, Chinese Exchanges Break All-Time High

Chinese Bitcoin exchanges including BTCC, the largest Bitcoin trading platform in the market, broke an all-time high price CNY$7,666 or $1,103, surpassing the previous record of $1,093.

Bobby Lee, CEO of BTCC, announced the newly achieved milestone on January 3, as traders on BTCC, the world’s longest running Bitcoin exchange, pushed the price of demand to its peak.

Experts react and other countries see similar trends

Analysts and experts including the Vice Chairman of Bitfury George Kikvadze acknowledged the rising price of Bitcoin in the Chinese market, expressing their optimism towards Bitcoin’s ongoing price rally.

The price of Bitcoin in global exchanges including Bitstamp is also close to hitting the all-time high price established on Nov. 30, 2013. The current all-time high price is $1,165 and global exchanges are close to breaking the $1,130 margin.

Bitcoin is also being traded above $1,150 in various exchanges such as Mexico’s Bitso and South Korea’s Korbit, due to arbitrage stemming from economic uncertainty.

Currently, the price of Bitcoin in China is continuing to rise, mostly due to the Chinese government’s decision to tighten capital controls as the Chinese New Year approaches. As long as capital outflow increases and regulations remain strict, it is likely that Bitcoin will consistently increase in price.