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Bitcoin Price Breaks Sleepy Spell to Jump Above $950

Bitcoin prices are up more than 3% since the start of the day’s trading, climbing above $950 for the first time in weeks.

Jan 31, 2017 at 3:10 p.m. UTC
Updated Sep 14, 2021 at 1:58 p.m. UTC

btc

Bitcoin prices are up more than 3% since the start of the day’s trading, climbing above $950 for the first time in weeks.

The average price hit a high of $959.37 from an open of $920.24, according to the CoinDesk Bitcoin Price Index (BPI). BPI data shows that the price of bitcoin hasn’t exceed $950 since 6th January.

The rise above $950 came after several days of relatively stable trading, in which the price of bitcoin ranged between roughly $910 and $922, according to trading data.

At press time, the average price of bitcoin is $956.32.

CNY-denominated markets have climbed nearly 11%, hitting a press time high of ¥6,629.34. The current price of ¥6,608.70 represents a rise of roughly 10.7% above today’s UTC open of ¥5,961.77.

The move comes amid a shift in the global exchange landscape, which has seen its lines redrawn after major bourses in China moved to add trading fees.

As a result, volume has shifted – at least for now – toward no-fee markets. Observers, however, argue that this trend will be short-lived as those exchanges look to add fees of their own.

Image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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