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    Bitcoin surges to $700 for first time since February 2014

    Bitcoin prices broke above the key $650-level for the first time in more than two years on Monday, as investor confidence remained strong amid bullish chart signals.

    Prices of the virtual currency were supported by indications of strong volume growth in recent sessions due to increased trading activity in China, where a devalued yuan and growing concerns over an economic slowdown has seen investors search for alternative assets.

    Mounting anxiety over the prospect of the U.K. exiting the European Union further boosted demand.

    BTC/USD rose $41.01, or 6.36% on Bitfinex to trade at $686.00 by 9:45GMT, or 5:45AM ET. Prices hit an intraday high of $699.33 earlier, a level not seen since February 2014.

    The price of a bitcoin on Slovenia-based (Bitstamp) (49798) jumped $47.91, or 7.47%, to trade at $689.47, while prices on Bulgaria-based BTC-e surged $58.19, or 9.43%, to trade at $674.99.

    The price of bitcoin has been relatively stable so far this year, staying in a range between $420 and $450 until late May, when prices starting breaking out. Bitcoin is up nearly 35% since May 26.

    Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

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