31 May '16, 2pm

Bitcoin Price Soars as Chinese Investors Look for Safe Haven From Devaluation and Capital Controls

Many have speculated that the recent increase in the price of bitcoin ($542 USD on Bitfinex at time of publication) can be traced to China, where Bitcoin trading has doubled on some exchanges in the last four days as Chinese investors respond to a recent currency devaluation, and look for ways to avoid the government’s stringent capital controls. China’s economy has been flatlining for some time now. That and the strengthening U.S. dollar prompted the People's Bank of China to devalue the yuan by 0.45 percent last Friday to its lowest level since February 2011. New Interest in Bitcoin Huobi and OKCoin, the two largest Chinese exchanges, that now account for some 92 percent of Bitcoin global trading by (self-reported) volume, both reported almost double the usual trading volume over the past weekend. OKCoin’s Jack Liu, Chief Strategy Officer, confirmed the surge in trading ...

Full article: https://bitcoinmagazine.com/articles/bitcoin-price-soars-...

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