Bitcoin Price Rally: ‘Hot Money in China Has to Go Somewhere’
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....
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There has been much conjecture on the role China has played in the rise and fall of Bitcoin’s price. Most in this space recognize that China has been leading the Bitcoin marketplace in terms of trading and volume. If this is the case, perhaps looking through some charts would shed some light on where Chinese money is flowing. Below is a chart comparing the Shanghai Composite with the price of Bitcoin. First, let’s look at the month of July, where the Shanghai composite started its rally, while Bitcoin topped out after making a rally of its own in the wake of the Mt. Gox debacle. In mid....
China is tightening its capital controls. Faced with an outflux of money resulting from a depreciating yuan, Chinese officials are restricting the flow of money into foreign currencies such as the US dollar, causing severe complications to businesses with a large portion of international operations. Further, officials are limiting purchases of insurance products in Hong Kong by mainland residents to a $4,600 policy cap. Underground banks. While these capital controls can can make it significantly more complicated to transfer funds out of the country, ways around them do still exist. For....
Once again the bitcoin community has been dizzy due to the significant price increase, the following correction, and rumors of China. After the sharp price rally, the discussion has turned to the Chinese central bank warning about the volatile cryptocurrency bitcoin. Rumors From China Once Again Stir the Crowd. Here’s what we know. The price of....
The price of bitcoin has climbed back up to $1,012, according to the Coindesk BPI. The price of bitcoin fell by $300 on popular exchange Mt. Gox this morning after China's central bank warned financial institutions to steer clear of the digital currency. According to the People's Bank of China, it doesn't consider bitcoin a threat to China's financial system, but it does believe the digital currency carries significant risks. "The concern is that it interferes with normal monetary policy operation," Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong, told....
With the Yuan depreciating even further, and dirty money being sniffed out, there are very few remaining options for people who want financial freedom. Exciting things are happening in China, albeit money launderers will not agree with that statement. Beijing authorities are collecting all of the dirty money in the country. Several hundred people have been arrested who are involved in illegally transferring money out of China. In fact, a total of 192 locations were discovered were illegal banking service are offered. Over the past few months, a lot of money has been moved out of China.....