Bitcoin price soars past $1,060 as political worries intensify

The implicit acceptance of bitcoin by Chinese authorities has also helped shore up the price

The price of a single bitcoin on Tuesday touched its highest level in more than a month as populists in the U.S. and Europe threaten the established political order, increasing the appeal of alternative investments like cryptocurrencies, market strategists said.

The price touched $1,060 US:BTCUSD  on Tuesday, according to Coin Market Cap. That’s its highest level since Jan. 4, when bitcoin traded as high as $1,100, its highest level in more than three years.
Previously, the currency’s valuation languished in 2015 and 2014 after the collapse of popular bitcoin exchange Mt. Gox effectively ended a speculative bubble that saw the price of a single coin climb to an all-time high around $1,2050 in late 2013.

Bitcoin weakened sharply in January after Chinese authorities announced they would investigate the country’s largest cryptocurrency exchanges to ensure compliance with local laws. Initially, investors feared this could signal a shift to a more aggressive approach by Chinese regulators who had previously left the cryptocurrency world more or less along.