Thanks to the US$276 billion outflow from China.
Apparently, the digital currency is on fire in the middle kingdom.
Most of the capital outflows from CHINA are attributed to two factors: one, where the exporters from the mainland are keeping their money in offshore, and the other where people are buying Bitcoin to prevent their assets from depreciating with yuan; and also for cross-border investments and transactions.
The cryptocurrency which was priced at around $640 in mid-October has surged past the $700 mark and now stands at $725, after falling to $690 briefly over the weekend.
At the current pace, the price of Bitcoin reaching $800 is imminent.
