Bitcoin Price Breaks $260 to Hit Two Month High

Bitcoin broke the $260 mark this morning, hitting its highest price in two months.

AccessTimeIconOct 16, 2015 at 11:49 a.m. UTC
Updated Sep 14, 2021 at 2:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

UPDATE (16th October 13:48 BST): Comment added from BTCC CEO Bobby Lee.

Bitcoin broke the $260 mark this morning, hitting its highest price in two months.

The CoinDesk Bitcoin Price Index, which has been rallying since mid-September, saw a 2.5% increase over the last 24 hours.

By 9:53am (UTC), the digital currency had reached $260 – the first time since 16th August. It has since been dipping back into the $259 range.


This week has seen a sudden surge in bitcoin trading volume, driven predominantly by the Chinese exchanges Huobi and OKCoin.

On Wednesday, 1.29m BTC was traded in total – the highest amount since 26th January. OKCoin accounted for 48% of this volume.

Bobby Lee, CEO of Chinese exchange BTCC, told CoinDesk his platform has seen a significant volume increase, though he dismissed much of his competitors' volume as "artificial".

Those behind the volume, he said, are not traders but consumers sucked into a Russian ponzi scheme, MMM.

"We have posted warnings on our site and on our social media to warn users to be careful, but they have been coming to our exchange and buying out like crazy," he said, adding:

"This time it's not speculative trading but based on them getting sucked into this ecosystem."

Arthur Hayes, co-founder of bitcoin derivatives exchange BitMEX, had a different theory. He told CoinDesk that rumours of China further devaluing the yuan are fuelling interest in bitcoin, and the current rally:

"Individuals who see the writing on the wall are beginning to use bitcoin as a means of wealth preservation. As a result, the premium for bitcoin in China is rising, and the effective means to arbitrage the difference onshore and offshore has closed. This is fuelling the rally we are seeing. Just today the premium touched a new local high of 3%."


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.