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May 26, 2017

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Bitcoin’s record price

BITCOIN hit a new record to top 18,500 yuan (US$2,695) in China yesterday, almost a 150 percent hike from a month ago, due to an important agreement to help improve trading efficiency as well as strong consumer demand.

The price of Bitcoin hit 18,527 yuan at 8:30pm, up from about 7,400 yuan a month ago, according to Huobi, a major Chinese Bitcoin trade platform. The hike is due to the recent agreement between 56 companies, which increases the block capacity from 1 megabytes to 2MB within six months, according to Digital Currency Group, a venture capital company focusing on the digital currency market with stakes in 77 Bitcoin companies globally. Bitcoin is data recorded in files called blocks. The agreement is expected to solve most problems of Bitcoin trading.



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