Bitcoin hits fresh 5-month highs on Greece debacle

FXStreet (Mumbai) – Eyeing the Greek drama, Bitcoin’s value has been rising for some time and it’s set to soar far more should the ‘Grexit’ scenario materialize, traders favouring the alternative currency stated.

Bitcoin value already grew during the past days, as it hit a fresh five-month high at 268 on Tuesday, rising from about 224 levels seen on June 7. And it’s all thanks to Greece, according to traders and bitcoin experts.

“I’ve heard some anecdotal stories, but overall this comes from people attributing Greece fallout to what happened to Cyprus last year,” David Bailey, the CEO at bitcoin-focused BTC Media, told CNBC.

He further added that the crypto currency saw large gains during the Cypriot financial crisis in 2013.
However, Bitcoin remains a long way off its 2014 highs of $1,000 per coin.

Eyeing the Greek drama, Bitcoin’s value has been rising for some time and it’s set to soar far more should the ‘Grexit’ scenario materialize, traders favouring the alternative currency stated.

(Market News Provided by FXstreet)