29 Oct '16, 5pm

Bitcoin Is Soaring: Up Over 10% In One Week On Chinese Buying Spree | Zero Hedge

Bitcoin Is Soaring: Up Over 10% In One Week On Chinese Buying Spree | Zero Hedge

Earlier this week, we pointed out that after tracking the recent drop in the Yuan (alternatively, rise in the dollar), bitcoin unexpectedly spiked breaking out of its recent rangebound trade and rising to three month highs following news that China had begun a regulatory crackdown on wealth-management products, which indicated that some of the illicit money parked in these shadow bank conduits, which collectively house just shy of $2 trillion in assets, will slowly drift out of the mainland using such capital outflow "proxies" as bitcoin. The next day we presented readers a report from Needham in which the investment bank explained, in fine detail the "fundamental" cases behind bitcoin going higher, and as a result the bank raised its price target on the digital currency to $848 from $655 . Incidentally, Needham agreed with what has been the main catalyst for the surge in ...

Full article: http://www.zerohedge.com/news/2016-10-29/bitcoin-soaring-...

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