Did China Drive Bitcoin's Price to 2016 Highs?
The price of bitcoin surged nearly 20% during the week ending 3rd June, rising to its highest point in 20 months. But what was the cause of the increase? Mainstream media sources have largely attributed this sharp increase to demand from the Chinese market, prompted by yuan devaluation. But not everyone agreed with this explanation, as some market experts asserted that the rally was tied to other developments both within and outside of the digital currency ecosystem. Xu Qing, a spokesperson for Huobi, painted a different picture. Though Qing represents one of the largest bitcoin exchanges....
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In a Reuters article published today, bitcoin price is speculated to see a bullish spike in 2016 due to the upcoming halving of mining rewards, due to happen in July 2016. Bitcoin has had a memorable year. Wider adoption; increased trading; the Silk Road investigation with its corrupt agents and bitcoin auctions; a Russian Ponzi scheme operating in China; various economic factors in China; the recent 'unmasking' of Satoshi Nakamoto in the form of Craig Wright. Wall Street's fawning over blockchain technology while predictably ignoring bitcoin among other incidents have all been factors in....
Investment in Chinese FinTech continued at a pace in 2016 despite markets in other countries experiencing a slowdown in the sector. It’s reported that during the first nine months of 2016, FinTech investments doubled in China, which was partly due to funding rounds completed by Ant Financial, JD Finance and China’s Lufax, reports the China Money Network. The report states that in the first three-quarters of 2016, global financial technology investments accounted for US$18 billion, just down from the US$19 billion that was invested in the previous year. According to a report by City Asia....
New research has shown that Chinese mobile payments were around 50 times greater than those within the U.S. in 2016, thus illustrating that China’s FinTech market is a strong contender in the market. China Dominates the Mobile Payment Market. Research from iResearch in China has found that Chinese third-party mobile payments more than tripled in 2016 to $5.5 trillion. WeChat Pay and Alipay, operated by Ant Financial, dominated the market. Recent research found that Alipay received the biggest investment in 2016 at $4.5 billion as FinTech funding increased in China. Whereas, in the U.S.,....
The trading volume coming out of China suggests a correlation with the price of Bitcoin. The influence of the Chinese yuan has shown itself especially in the second half of 2016. The year 2016 has seen the price of Bitcoin exhibit some significant activity. In its overall trend, the price of the world’s number one cryptocurrency has risen significantly within the year. Recently, a closer look at their behavior reveals a developing correlation between the price of Bitcoin and the value of the Chinese yuan. Financial data coming out of China in recent times has also been seen to cause a....
The price of bitcoin rose nearly $30 over one hour of trading today, spiking to $740 as it continued to test 2016 highs. The sudden boost followed a relatively slow uptick over the course of recent trading sessions, with the price fluctuating between $706 and $713 from 0:00 UTC on 15th November to 12:00 UTC today, figures from the CoinDesk Bitcoin Price Index reveal. However, that would soon change as the price began rising quickly, spiking nearly 4% over the course of just 60 minutes today. Speculation on social media credited the boost to a weakening of China's yuan, a theory that is....