The Bitcoin community had a reason to rejoice this weekend as the digital currency broke the impasse to cross $610. The popular cryptocurrency has been hovering at around $570 since the past one month after falling from a high of $750 following the Bitfinex hacking incident.
Like many times in the past, the sudden movement of Bitcoin price is attributed to an increased interest in the digital currency among Chinese investors. China plays a major role in the Bitcoin economy. From mining to trading, the country’s Bitcoin community is heavily invested in the ecosystem. The Chinese mining pools already contribute over 50 percent of the total hashing power on the Bitcoin network.
The deteriorating valuation of Chinese Yuan has renewed investor interest in Bitcoin. The brief period of optimism in the Chinese economy seems to have vanished following the ongoing G-20 summit. During one of the sessions, Both China and the United States decided to stay off the devaluation game.
The fact sheet presented by both the parties states,
“[both China and the US will] refrain from competitive devaluations and not target exchange rates for competitive