Why These Bitcoin Price Moves Are All About Chinahttp://moneymorning.com/2016/05/31/why-these-bitcoin-price-moves-are-all-about-china/...
Bitcoin buying in China suddenly increased in recent days. And make no mistake, China dominates world Bitcoin trading.
Many people don't realize China's importance to the Bitcoin ecosystem. Despite restrictions imposed in 2014, the Chinese government never banned Bitcoin outright. China-based Bitcoin miners account for about three-quarters of all Bitcoin miners.
Over the past 30 days, trading between Bitcoin and the Chinese yuan has accounted for 93% of all Bitcoin trades, according to Bitcoincharts.com. By comparison, trading between Bitcoin and the U.S. dollar accounted for just 6%.
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