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.

#Bitcoin’s price is at an all-time high on BTCC’s CNY Exchange. It’s 7666.60 CNY now; the previous high was 7596.80 CNY in November 2013. pic.twitter.com/abLM29kX0L — BTCC (@YourBTCC) January 4, 2017

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.

All-time high of $1,165.89, reached on 30th November, 2013. Bitstamp just hit $1129. We’re almost there. #bitcoin pic.twitter.com/al9IYlJzik — Joseph Young (@iamjosephyoung) January 4, 2017

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.

Bitcoin trading in a 1160-1183 USD range in Mexico. Our app uses fixer.io for peso to USD & is the higher price other is google fx rate. pic.twitter.com/14JiLa0QGf — Doug (@docbtc) January 3, 2017

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.