After just recently recovering from the Bitfinex hack crash, Chinese traders are again sending the price of Bitcoin to new quarterly highs. The BTC/USD exchange rate is now back above the $680 per Bitcoin benchmark level, marking a jump of about 4.6% since Sunday and 9% in just a week.
In the last twenty-four hours alone Bitcoin saw impressively high trading volumes (primarily against CNY pairs), and the market capitalization of the entire network is now nearing $11 billion again.
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Charles Hayter, the CEO of CryptoCompare.com, comments: “There has been a raft of compelling catalysts for bitcoin in the past few weeks starting with the Yuan depreciation and PBOC decision not to support the exchange rate. There have also been rumors spreading in China of a solution to the scaling debate. A further factor that could be influencing the Chinese traders has been a crackdown on off balance sheet wealth management products. AT&T patenting a bitcoin powered server also lends compelling corporate back up to the long-term potential of the cryptocurrency.”
Hayter adds: “BitFinex is the lead USD BTC market with 25% of 24-hour trading volume at a 1% discount to the CNY pairs with OKcoin, Huobi and BTCC taking an even split of a stupendous 7 million BTC 24-hour volume figure – $4.7 billion. The Chinese trading volume is dwarfing that of the USD markets who hold 0.8% market share with 57k BTC changing hands in the past 24 hours.”