30 Dec '16, 2pm

China is behind the latest Bitcoin craze

Bitcoin had a great 2016. The cryptocurrency rallied 120% to $952, threatening to break the $1,000 mark for the first time since 2013. While bitcoin has seen a consistent bid throughout the year, its 57% gain (in US dollar terms) over the past three months has been particularly impressive. So what's behind the move? China. In his latest edition of "Greed & Fear," CLSA's Christopher Wood notes, "Daily turnover in Shanghai-based BTC China, the world's largest bitcoin exchange by volume, has risen from around Rmb1bn in late September to a peak of Rmb27.8bn on 22 December and Rmb16.4bn on Wednesday (see Figure 11) while the Bitcoin price has risen by 70% over the past three months to Rmb6,927." CLSA The increased volume in the cryptocurrency comes as money continues to rush out of China. The country saw its foreign-exchange reserves shrink by about 8% in 2016 to $3.05 trillion...

Full article: http://www.businessinsider.de/china-behind-latest-bitcoin...

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