Wow i was not aware of the huge exchange of GBP/USD, it has been a long time since i dont check the forex markets, why the pound is so expensive over the dollar right now?
Bitcoin prices reaches reached £7,529.77
Let me tell you that the price is only based on the supply and demand, just like it happens with gold, silver, copper, and all the other precious metals.
If no one would be buying Diamonds, do you think that it will be at least $10 one? It is impossible. The price is only created by the ones who use to buy it.
The same happens with bitcoin, and it will keep going up because people is still looking to buy it at an expensive price.
Since the law of supply and demand is considered as the backbone of market economy, it also applies on the volatility on bitcoin's price value. There are basic components of this law such as, of course supply which refers to how much is available in the market and the demand for the availability of a certain products or service. This includes the exchange of value, which balance the certain formulation that triggers whether the price of bitcoin will shoot up, or falls down.