[2016-10-28] China Bitcoin trading pushes price towards $700

[Bavarian Illuminati]

The weakening Yuan is continuing to drive Bitcoin trading in China, pushing the cryptocurrency's price towards $700. Bitcoin's price reached a high of $686.80 on 27 October.

Three major Chinese exchanges - Huobi, OkCoin and BTCC - have reached approximately 7m Bitcoin in a 24 hour period - although this should be taken with a pinch of salt, as there are accusations of trading bots at work to inflate volumes, says Charles Hayter, CEO of CryptoCompare.

Hayter said: "The People's Bank of China's attempts to halt the slide have seen foreign currency reserves dwindle and a large leg up in the price was due to ceasing of market operations on behalf of the Government that saw the Yuan breach the psychological CNY 6.7 barrier.

http://www.ibtimes.co.uk/china-bitcoin-trading-pushes-price-towards-700-1588659

[panju1]

Whether it is China which is causing the price increase is debatable.
Data coming out of China always has to be taken with a pinch of salt.

[Gahs]

The price increase is either from China or a club of really big whales planning a dump party for Christmas.