For the 3rd night in a row, China opens with a panic bid for Bitcoin. The cryptocurrency is now up over 14% in less than 3 days, topping $900 for the first time since December 2013. Interestingly yuan is not moving much tonight.
The USD price for a Bictoin has soared over 14% in the last 2 days. We first warned of this 'outlet' for Chinese capital in September 2015 when Bitcoin was trading around $200.
..now it is topping $900...
And volume is very heavy once again from China...
Getting very close to record highs...
As a reminder, back in 2013, the government classified bitcoin as a commodity and not currency, placing it outside the purview of the foreign-exchange regulator, the people said. That does not mean, however, that China is powerless at limiting bitcoin's upside.
Several Chinese government bodies including the People’s Bank of China and the financial regulators said in a joint notice that year that bitcoin functioned like a digital commodity without the legal status of a currency. The central bank said in January it is studying the prospects of issuing its own digital currency and aims to roll out a product as soon as possible.
While China dominates bitcoin mining and trading, the government has shown caution over its spread in the nation. In 2013, the PBOC barred financial institutions from handling bitcoin transactions.
