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May 11, 2017

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Price hike overseas lifts Bitcoin in China

BITCOIN traded in China hit around 9,900 yuan (US$1,435) yesterday, with an intraday record high of more than 10,000 yuan, as the digital asset rode the price hike in overseas markets.

The price of Bitcoin traded on Chinese platforms hit about 9,900 yuan at 7pm yesterday, but it was still 20 percent below the US$1,700 level on overseas trading platforms like Japan-based BitFlyer and South Korea-based Bithumb.

The price hike was mainly fueled by the Japanese and United States markets, said Huobi, one of the biggest Bitcoin trading platforms in China.

Since a new Bitcoin policy took effect on April 1, more than 260,000 stores in Japan now accept Bitcoin as a new payment method. Meanwhile, the US regulator plans to evaluate a Bitcoin-related investment tool.

Bitcoin was one of the most profitable investments in 2016 with its price jumping over 200 percent. In January, it surpassed US$1,000 for the first time since 2013 and climbed to around 8,800 yuan. The price hike was driven by booming Chinese investment, which took up about 80 percent of the global Bitcoin trade in 2016.

China is now the third-biggest Bitcoin market by trade volume, taking up 10.5 percent of the global volume but behind Japan’s 46.4 percent and 26.4 percent in the US, Huobi said.


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