The Bitcoin recently soared over 25 percent in value to hit 0 for the first time since August last year, with demand from China cited as behind the surge, Reuters reports.
Bitcoin had dipped below $198, but has surged 150 percent in the last 10 weeks. That, however, is still far below the digital currency’s peak of $1,100 in 2013. .
Analysts point to demand for Bitcoin from China and an increased awareness in the blockchain technology underpinning bitcoin as encouraging buying, Reuters said. A European Union court ruling last month that bitcoin should be exempt from value-added tax may also be contributing, the news service said.
