27 May '16, 4pm

Bitcoin Price Soars Toward $500 On Back Of Weakening Chinese Yuan - International Business Times

Bitcoin Price Soars Toward $500 On Back Of Weakening Chinese Yuan - International Business Times

The price of a single bitcoin has surged in the last 24 hours, hitting a 20-month high as a result of stronger demand from China, where a devalued yuan has seen investors looking to overcome currency controls. Since just after 4 a.m. EDT Friday, the price of bitcoin has surged 5 percent, hitting a high of $479.39, according to CoinDesk’s price index , a value not seen since September 2014 when the cryptocurrency was in free fall from its all-time high of more than $1,000 per bitcoin. While the sentiment around bitcoin is currently strong, particularly in relationship to the blockchain technology underpinning the digital currency, the main reason for Friday’s spike is the devaluation of the yuan in China. According to analysis from Cryptocoinnews , the increased demand from China could see the price of bitcoin break $500 soon. On Chinese markets, the price spike has been ev...

Full article: http://www.ibtimes.com/bitcoin-price-soars-toward-500-bac...

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