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Bitcoin breaks US$1,000

Crypto currency's 2017 cracking start bouyed by devalued yuan

By Team Register, 3 Jan 2017

Bitcoin has surpassed the US$1,000 mark for the first time in three years.

The high water mark was breached Monday trading at US$1,019 at the time of publication.

It follows a steady increase in the value of the crypto currency in recent months buoyed by China's devaluation of the yuan, the removal of high valuation bank notes in India in November, and increasing interest in the digital coin.

Most Bitcoin trading occurs in China with huge farms both high tech and low and dirty mining to gain new and increasingly more difficult to extract bitcoins.

A significant boost to the currency's value also coincided with Donald Trump claiming the November US election.

Bitcoin has not tipped the $US1,000 mark since 2013 when it hit $US1,100 prior to the hacking of mega bitcoin exchange Mt Gox.

Other crypto currencies have risen in the wake of Bitcoin including Ethereum, Ripple, and Litecoin.

The Register - Independent news and views for the tech community. Part of Situation Publishing