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In a first since mid-2014, the price of Bitcoin shot past $500 early Saturday morning, reaching the newest high in a year-and-a-half steady victory march.
Several factors contribute to stability of Bitcoin’s price.
A depreciating Chinese RMB fuels a rise in Bitcoin price particularly as it now has improved its grip globally.
The trading volume coming out of China is suggested to correlate with the price of Bitcoin. The influence of Chinese Yuan has shown itself especially in the second half of the year 2016.
Chinese foreign exchange reserves have likely fallen by the range of US$80 to 100 billion in October. The devaluation of yuan is presumed so the demand for bitcoin will most likely surge again.
On 1st October 2016, the Chinese Yuan became the world's 5th reserve currency. What does it take to become one and can Bitcoin get there?
The year 2015 has ended and investors can now calculate the result of their investment activities. What has Bitcoin brought to us last year?
CoinTelegraph spoke with Leon Li, CEO of Huobi to discuss its new tool connecting bitcoin and the traditional stock market, why the Chinese yuan doesn’t actually comprise 80% of BTC trading.
The world’s largest Bitcoin exchange is once again accepting the currency of its home country.
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