Bitcoin Value Today Surges on Buying from China

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The Bitcoin value today jumped 8.5% in 90 minutes as buying on Bitcoin exchanges in China surged.

BitcoinThe Bitcoin price rose from $269.11 to $291.98, fell back to the mid-$280s, then surged again to $295. That’s the highest level for the price of Bitcoin since mid-March.

The rise in the Bitcoin value today capped off a strong six-week period for the cryptocurrency that has seen the price increase more than 28%.

The broader surge has coincided with the deepening of the Greek debt crisis and a sharp 30% decline in the Chinese stock market.

While Greece’s bank closings have demonstrated the value of Bitcoin in a financial crisis, the situation in China has more to do with the movement of capital out of stocks.

However, the spike in the Bitcoin value today appears to be entirely China-related. The surge occurred between 4 p.m. and 5:30 p.m. Beijing time, which was 7 a.m. in London and 4 a.m. in New York.

It may surprise some that China can still drive the price of Bitcoin, but enthusiasm for the digital currency there has never waned. In fact, interest continues to grow despite government restrictions forbidding Chinese banks from handling Bitcoin.

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