28 Dec '16, 4pm

Bitcoin Price Can Reach $1,000 Before New Year, Hits $990 in China

The price of Bitcoin in China went past $990 this afternoon, as Chinese investors continued to push high volumes in local exchanges. Most investors at this time of the year are hoping to evade capital controls and circumnavigate cash restrictions, as noted by Holger Zschaepitz, financial author and editor of Welt. Further yuan devaluation and tightening of capital controls Analysts revealed that Bitcoin hit record high volumes this past week, which ultimately led to its price rally and pushed the price of Bitcoin to increase by over 20 percent. Zero Hedge suggested that Chinese investors are anticipating further yuan devaluation and the tightening of capital controls, caused by the rising rates of the Federal Reserve and increasing cash outflow as the New Year approaches. Major Bitcoin exchanges including BTCC have consistently displayed a price of $990 per Bitcoin on the ...

Full article: https://cointelegraph.com/news/bitcoin-price-can-reach-10...

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