24 Oct '16, 9pm

Bitcoin hit a 3-month high as Chinese investors are fleeing a falling yuan

Bitcoin prices soared to their highest levels in three months over the weekend as Chinese investors sought protection from a weakening yuan. Trading volume in China surged on Saturday, with nearly 99% of global trades executed on OKcoin, Huobi and BTCChina, three of the largest Chinese exchanges, according to CryptoCompare, a company that analyzes trading activity in several cryptocurrency markets, including bitcoin. OKcoin customers paid as much as 4,572 yuan, or $676, for a single coin, the highest level since mid-July, as prices on U.S.-based exchanges lagged behind their Chinese peers. ne bitcoin US:BTCUSD was worth $654 on Monday, according to CoinMarketCap, its highest level since late July, as Chinese exchanges continued to experience heavy trading volume. Bitcoin’s big move comes as the value of Chinese yuan USDCNH, -0.1224% traded in certain offshore markets fell ...

Full article: http://www.marketwatch.com/story/bitcoin-hits-3-month-hig...

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