Bitcoin's market value exceeds $11 billion, surpassing Twitter; Brexit may be a "booster"

As of press time, the price of Bitcoin has hit $712, and the market value has reached $11.1 billion, surpassing the popular social media application Twitter (NYSE:TWTR, currently valued at $9.5 billion), and coin holders are celebrating.

News about Bitcoin prices is flooding many forums and social media platforms, and discussions about Bitcoin are everywhere.

But if you check the fiatleak website, you will find that a large amount of bitcoin is traded in RMB.

China's economy has gone through a troubling period this year, with a slump in Chinese stocks, increasingly tight capital controls and heightened fears that the yuan will depreciate further.

Of course, this statement has been around for quite a long time, and there may be other factors behind the rise in Bitcoin prices this time.

Brexit has reignited, spooking mainstream investors, with 52% of people in favor of leaving the EU, only 33% in favor of staying in the EU, and 15% not knowing, according to a new survey by Opinium, a research organization commissioned by the British think tank Bruges Group. Forecasts suggest that this could be an unsettling period for Europe, perhaps leading to a recession, very similar to the 2008 financial crisis.

World markets are increasingly concerned about the Brexit referendum, set for June 23. In the next two weeks, areas to watch include bond markets, commodities and Bitcoin.

Others will mention what Mike Hearn said when he withdrew from the Bitcoin project: "Although I know that Bitcoin may fail, the conclusion that it has already failed still makes me very sad. The fundamentals are broken, and no matter what happens to its price in the short term, the long-term trend is likely to be downward."

For many, the good old days of Bitcoin are back, with excitement and enthusiasm surrounding its sudden price surge. In fact, according to data from coinmarketcap.com, all of the top five cryptocurrencies are in the green, including Ethereum, Litecoin, Ripple and the DAO token.

However, not everyone is so ecstatic about this price increase. “One Bitcoin = One Bitcoin”, in their view, the exchange rate of Bitcoin to legal currency is not that important.

Even so, if the price of Bitcoin continues to rise, many people will choose to sell their Bitcoin at different price points in exchange for legal currency. Some choose to short-term, while others will hold it for a longer period of time.

Regarding this price increase, there are still members in the community who believe that it is related to the upcoming Bitcoin block reward halving, but some are not sure that this is the reason.

Whatever the case, the eyes of the masses will be on Bitcoin’s price chart.