Bitcoin trading against the Chinese yuan used to account for most of the volume.
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. It has chalked up a more than fivefold increase in price since the start of the year.
Typically for Bitcoin, which at less than nine years old is still highly volatile and illiquid compared with traditional currencies and assets, the precise reason for its recent tear was unclear.
There is a rumored bitcoin desk at Goldman Sachs which would be another game changer for the cryptocurrency market. Excited by the gains in BTC prices, other investors jump aboard to extract their own gains.
"People are just wanting to be part of it", said Ryan Nettles, head of FX trading and market strategy at Swiss bank Swissquote, which launched Bitcoin trading two months ago.
"The interest really stems from the media hype", he added.
On 10 October, Russia made a decision to block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank First Deputy Governor Sergei Shvetsov said.
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But that was not enough to put investors off, with bitcoin rallying around 10 percent since then.
It has been a monster week for bitcoin, which has soared almost 30% since last Friday's close. But it's relatively easy to sell a new cryptocurrency in exchange for Bitcoin. Consequently, this bitcoin exchange serves as the on-ramp for many investors into the crypto economy.
Unlike a real-world unit such as the United States dollar or euro, bitcoin has no central bank and is not backed by any government.
"Recent criticism from industry and regulation crackdowns in China and Russian Federation spooked markets in recent weeks and caused the Bitcoin price to plummet". Some are seeing that the Bitcoin bubble is yet to show more progress before bursting and running towards a downward spiral. In fact, it might make holders of existing Bitcoins richer.
Also Read:Bitcoin - What is the fuss about? Prominent economies like India and the US have especially witness intense debate on this front, with many arguing that it is time to see cryptocurrencies from more positive perspective.
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