As of the end of February 2017, the price of a single Bitcoin is consolidating within the $1,180 - $1,200 range in US markets - over 2% higher than previous long-term highs which were posted during December 2013.

Bitcoin’s wild price history

The short price history of the world’s first digital cryptocurrency has been one of wild volatility, with many extreme booms and busts having taken place since it’s initial release as an obscure academic project in 2009.

In February 2011 the price of a single Bitcoin broke the $1 USD threshold for the first time ever.

The ensuing excitement would drive the price as high as $31 USD during July of 2011, before sinking back down to $2 USD by December 2011.Bitcoin’s price would slowly recover over the course of the following year, with new highs of approximately $35 USD being posted at the start of 2013.

In April 2013 the famed ‘Cyprus Bubble’ would drive prices as high as $266 USD, before quickly crashing back down to the $60 USD range. The end of 2013 would again see meteoric price gains for Bitcoin, with the opening of several major Chinese Bitcoin exchanges driving prices as high as $1,160 USD during December 2013.

2014 saw a long, grinding recession for Bitcoin’s price, leading into a low of $166 USD during the flash-crash of January 2015.

Since then, Bitcoin has entered several bullish uptrends - culminating in US markets retesting the previous highs of $1,160, and the establishment of new Chinese all time highs of approximately 8888 CNY during January 2017. These prices were extremely short-lived, with a rapid crash resulting in tentative consolidation at approximately $900 USD and 6300 CNY in American and Chinese markets respectively.

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Chinese margin trading controversy

On January 11 prices toppled a further 15% in US Bitcoin markets and by 20% in China following an announcement that The People’s Bank of China (PBOC) would be conducting investigations into several major Chinese Bitcoin exchanges regarding potential price manipulation and money laundering.

Following the investigations, The PBOC placed restrictions on high leverage margin trading within China - citing that such could be utilized to conduct market manipulations.

As a consequence, Chinese Bitcoin trading volume fell by 90% - giving the US markets a global lead in both bitcoin trading volume a bitcoin trading price for the first time since 2013.

New all-time highs for Bitcoin

Following the Chinese ban on margin trading, the US markets have become the market makers for the entire Bitcoin sphere, with new all-time highs of $1,220 USD being posted on February 24th.

With prices currently consolidating above the preceding highs of 2013, and with the absence of heavy Chinese margin trading having drastically reduced selling pressure whilst giving greater strength to buyers, many traders are anxiously watching the markets - anticipating the potential for even further price gains to be made.