The uptrend began on Saturday 24 October and on Monday last week the price reached the $300 point, first time since last July. The Chinese exchanges are heading the rally having the majority of market shares, according to bitcoinity.org.

The bitcoin price reached the point of $400.34 at 17:10 GMT on November 3, according to the Coindesk index, and is currently continuing to grow. The trading volume has also grown since last week approximately doubling the amount. OKCoin's peak of trading volume on Saturday reached 1,24 mln, however, by now it slid down to 729k. 

The increase might have been caused by the decision of Chinese regulators to ease the benchmark rate. The measure was aimed at helping the market to recover, but instead triggered insecurity among brokers, some of whom might opt for bitcoin. However, according to the CEOs of the three largest Chinese bitcoin exchanges, BTCC, Huobi and OKCOin, the capital controls is not what is driving bitcoin up.

“More financial institutions entered this industry,” he said, “such as bitcoin-based ETN and ETF were founded in Europe. Organizations and individuals involved more in bitcoin market as the policy and funding is becoming in favor of bitcoin,” Huobi's CEO Leon Li believes.