Start the conversation
Leave a Reply Click here to cancel reply.
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%.
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.
Make More Money This Year, No Matter What the Market Does… You can make 2015 your wealthiest year in a few simple moves. You just need the three common investing habits to dump immediately, the single most effective strategy for your portfolio, and five stocks to get you started to a wealthier you. Get all of that right now in this exclusive guide…
According to a
Originally appeared at: http://moneymorning.com/2015/07/10/bitcoin-value-today-surges-on-buying-from-china/