Bitcoin soars on 'Grexit' fears

Investing.com - Bitcoin prices jumped above the key $300-level for the first time since January on Sunday, as safe-haven demand was boosted amid growing concerns Greece will fall into bankruptcy and leave the euro zone.

surged $43.47, or 16.08% on Bitfinex to trade at $313.80 during U.S. morning hours. Prices hit an intraday high of $315.00 earlier, the most since January 2.

The price of a bitcoin on Slovenia-based jumped $46.04, or 17.06%, to trade at $315.88, while prices on Bulgaria-based rallied $36.05, or 13.52%, to trade at $306.50.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced $20.14, or 6.91%, to trade at $311.83.

Meanwhile, euro-denominated Bitcoin prices ( ) climbed €17.31, or 6.59%, to trade at €279.90 on U.S.-based Kraken Exchange, a level not seen since March 12.

Marathon talks between euro zone finance ministers ended without an agreement on Greece's latest reform proposal late Saturday, fueling fears Greece will default on its debt obligations and leave the single currency union.

All eyes are now on a summit of European leaders on Sunday, in what could be Greece's final opportunity to avoid a default.

The virtual currency has been well supported by safe-haven demand in recent weeks, as it is one of the few asset classes that can act as a hedge against fiat currency fluctuation.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based rose ¥98.09, or 5.23%, to trade at ¥1,974.00, prices on Beijing-based increased ¥192.47, or 11.39%, to trade at ¥1,882.57, while prices on soared ¥290.60, or 17.22%, to trade at ¥1,978.49.

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.