Did China Drive Bitcoin’s Price to 2016 Highs?

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The cost of bitcoin surged scarcely 20% during a week finale 3rd June, rising to a top indicate in 20 months. But what was a means of a increase?

Mainstream media sources have mostly attributed this pointy boost to direct from a Chinese market, stirred by yuan devaluation. But not everybody concluded with this explanation, as some marketplace experts asserted that a convene was tied to other developments both within and outward of a digital banking ecosystem.

Xu Qing, a orator for Huobi, embellished a opposite picture. Though Qing represents one of a largest bitcoin exchanges by volume, accounting for 41.91% of this week’s trades, he saw a transformation as partial of a broader array of stresses on a Chinese financial markets.

Qing told CoinDesk:

“The devaluation of RMB has some change [on bitcoin’s new rally]. [But] a domestic batch marketplace has been diseased given final September. A available choice investment like bitcoin is easy to be supposed by a traders.”

Still, other marketplace observers were discerning to highlight that this was a accepted factor.

Arthur Hayes, co-founder and CEO of BitMEX, uttered support for a thought that concerns about yuan devaluation

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