CoinDesk Launches Chinese Yuan Bitcoin Price Index
CoinDesk has created a new Bitcoin Price Index (BPI) based on the price and volume of bitcoins exchanged for Chinese yuan (CNY). The new Chinese yuan BPI is separate from the existing and widely referenced CoinDesk USD index, which CoinDesk will continue to maintain. The USD index and CNY index will complement each other by providing the most trusted bitcoin price in the two most commonly exchanged national currencies. Bitcoin's wild ride in China. The rise of bitcoin in China was a one of the big stories and catalysts in the latter half of 2013. Near the end of last year, CNY trading....
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Bitcoin price has seen sailing good winds lately, spiking early on October 11 from recent averages of $610-$615 to $630. Prices have seen support since, with a high of $649 on the Bitstamp Price Index, a number that hasn’t been scaled since the end of July. Bitcoin’s rise coincides with the continued fall of the Chinese fiat yuan, sinking to its lowest levels in six years this Monday. Bitcoin price surged to a 10-week high on Tuesday, following an increased demand from Chinese buyers who are stocking up on bitcoin while expectations for the yuan sank alongside the fiat currency. The yuan....
CoinDesk has added two exchanges, LakeBTC and Huobi, to its US dollar Bitcoin Price Index (BPI) and Chinese yuan BPI, respectively. These additions will be live as of 16:00 BST today, the 30th June. The move reflects the significant volumes traded by the exchanges and the importance of the Chinese market in terms of USD/BTC trading. LakeBTC cracks the top four USD-exchanges. CoinDesk has been closely monitoring Shanghai-based LakeBTC in recent weeks. LakeBTC reports an even split between domestic and international customers, and it offers bitcoin trading in both USD and CNY, with the....
Popular digital currency exchange BTC-e announced today it would begin trading in Chinese 'offshore yuan' (CNH), becoming the first international bitcoin exchange to offer both US dollars and yuan, and opening a field of new opportunities for currency speculators. "We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols:....
Mr. Charles Dow and Mr. Edward Jones probably felt this way at the launch of their now-famous average. A benchmark price index established by a reputable publisher is a significant milestone for any industry. Its importance becomes amplified with the benefit of hindsight. This week, CoinDesk launches its proprietary Bitcoin Price Index (BPI) aiming to establish the standard retail price reference for industry participants and accounting professionals. Wholesale exchanges and dark pools may trade around other price points, but those are usually private trades and not available to retail....
Rectifying this situation will not be an easy feat either. Further devaluing the Yuan seems the only plausible scenario, although it is impossible to predict the outcome. The recent Bitcoin price surge is mostly driven by Chinese traders. Increasing fear of capital outflows and the ongoing Yuan devaluation make Bitcoin a viable alternative investment opportunity. It is evident the Chinese government is running out of ideas to stabilize the economy. In fact, it appears the Yuan will continue to slide down a slippery slope. To be more precise, it seems the increasing Bitcoin demand hints at....