31 May '16, 9pm

Bitcoin hits two-year high as yuan worries drive Chinese demand

Bitcoin hits two-year high as yuan worries drive Chinese demand

LONDON The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a pa...

Full article: http://in.reuters.com/article/markets-bitcoin-china-idINK...

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