Bitcoin Price Hits 2015 Highs Led by Chinese Exchanges
On Monday afternoon, the price of bitcoin experienced one of its fastest spikes of the year when it rose from $340 up to over $360 on many exchanges before settling back down to around $355 as investors took profits. Over the past 24 hours, the price has risen over 10%, on average, across many of the exchanges. As is typical with a speculative investment....
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Only a day after writing that bitcoin had reached new highs in the $360s, the currency slammed through the $400s up to $425 before investors took profits, sending the price dropping back to $385. The gap between the Chinese and American exchanges widened to $23. The last time the price of bitcoin was above $400 was back in November 2014. Amidst the conversation about the price rising, eclipsing previous 52-week highs, is a desire to justify the price appreciation. According to Jack Liu of OKCoin, one of the drivers has been a desire for "mainland [China] speculators to move to other assets....
Chinese Bitcoin exchanges such as Huobi and BTCC have been showing unprecedented volume as the price of bitcoin in China has been roughly $50 USD or higher than most U.S. and European exchanges. The question is: why are the Chinese buying so much of the cryptocurrency, and why now? China’s Stock Market Loss is Bitcoin’s Gain. It seems China is buying....
One also has to keep in mind how the US$800 mark is quite important, even more so for the Chinese. China has always been the driving force behind the Bitcoin price. Interestingly enough, it is the Chinese exchanges pushing the price well above the all-important US$800 threshold. It is up to the rest of the markets around the world to follow this lead. Them again, it is not certain the US market will get to US$800 anytime soon, as it is a major point of resistance. Many people woke up to can exciting surprise, as Chinese Bitcoin exchanges are trading at US$800 and above. Compared to the....
The recent highs struck by the Bitcoin price goes hand-in-hand with the largest ever amounts of the cryptocurrency traded. The price of Bitcoin has been on a wild surge lately and recently struck a year-high of $502 on November 4th before the unpredictability saw prices take a dip this past week to a price of $363.88 at the time of publishing. While Bitcoin pricing remains indecisive, it's significant to note that Bitcoin trading volume reached record highs in a period that saw the largest volume of bitcoins traded. Ever. The Numbers. As Bitcoin price surged to reach a then-year-high and a....
At the beginning of the week Bitcoin started with a price of $430 and remained around this level until the 7th January. On this day, the PBOC sharply devaluated the Yuan to 6.5446 to the US Dollar. This is the lowest price since 2011. Moreover, the People's Bank announced a reduction in foreign currency reserves of 108 billion US Dollars in December 2015 and 513 billion Dollars during the whole 2015. Also, in the third quarter of 2015 China's GDP declined by 0.1% relative to the first and second quarters of 2015. This factor indicates the weakness of the Chinese economy. The market's....