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December 23, 2016

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Bitcoin price surges

THE price of Bitcoin hit 6,150 yuan (US$885) yesterday, surpassing the level of 6,000 yuan for the first time this year, as investors turned to the virtual currency as an investment alternative amid global economic uncertainties and the weakening yuan.

The intraday high of 6,150 yuan also doubled the price at the beginning of 2016, according to China’s Bitcoin trading platforms Huobi, Okcoin and BTCC. The yuan’s depreciation and uncertainty about the global environment, especially the terror attack in Germany before Christmas, have pushed investors to Bitcoin, said Zhu Jiawei, chief operating officer of Huobi, one of the biggest Bitcoin trading platforms in China, which takes up 80 percent of global Bitcoin trade volume.


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