Following August, a month of relative calm in what is perceived as frequently volatile waters, bitcoin took to its sails this month by climbing nearly 10% to cross the $600 mark. The increased demand from Chinese buyers could very likely be a factor.
Bitcoin price pushed beyond the $600 milestone for the first time in over a month in the week that sees China – the world’s largest bitcoin trading market – host the G-20 summit with the world’s most influential and powerful economies at the table.
Over the weekend, the United States and China – the two biggest economies of the world – agreed to refrain from resorting to competitive currency devaluations. In the past, a devaluating yuan has often been the cause for Chinese investors turning to bitcoin as a store of value away from the yuan, with faith eroding from China’s fiat currency.
A ‘fact sheet’, issued jointly by the United States and China following talks between the Presidents of the two countries stated that both countries would “refrain from competitive devaluations and not target exchange rates