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Bitcoin price has picked up yet again. The price of the popular digital currency has crossed the $700 mark. Like always, even this time the increase in price is driven by rising demand among the Chinese investors.
The latest developments in Bitcoin ecosystem is being closely watched not just by the cryptocurrency community, but also mainstream media and conventional financial institutions. Various leading news media outlets are reporting the surge in digital currency price, which is at its best since June 2016. According to reports, the depreciation of Chinese currency has turned investors to Bitcoin as a measure to protect their money from falling yuan.
The value of Bitcoin was hovering around the $640 mark until last week. In the past 7 days, the price has increased by over $60 which is close to 10% appreciation as Chinese yuan hit a six-year low against US dollar. The correlation between falling yuan and increasing Bitcoin price was reiterated by Jack Liu, chief strategy officer at OKCoin — a Hong Kong-based cryptocurrency exchange platform. Liu was quoted by few media outlets saying,
Read more ... source: NewsBTC USA
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