Bitcoin exchanges in mainland China, where the large majority of transaction volumes take place, suggest bullish sentiment has returned to the market following a period of regulatory uncertainty. After launching an investigation into major bitcoin exchanges, the People’s Bank of China (PBOC) has banned leveraged crytocurrency trading in an attempt to stem volatility and restrict virtual outflows. According to experts, there is a perception among investors the PBOC will take no further action at this time. China’s yuan renminbi fell almost 7% against the dollar last year, compelling investors on the mainland to cut ties to the slumping currency. Many of these investors diversified into bitcoin, which is seen both as a hedge against instability and a powerful alternative investment. Bitcoin gained 125% against the U.S. dollar in 2016, giving it the distinction of best-performing currency of the year.
CRYPTOCURRENCY BUZZ

$BTCUSD Bitcoin Prices Rally Above $900 Amid Limited PBOC Intervention

BTCUSD Bitcoin Prices Rally Above $900 Amid Limited PBOC Intervention

  • Buz Investors BTCUSD Bitcoin Prices Rally Bitcoin mounted a large comeback this week, as the flight to haven assets resumed on optimism China’s central bank would refrain from placing additional restrictions of crytocurrency trading.
  • The BTC/USD exchange rate surged 3.2% to $919.88 at 1:39 pm ET, according to CoinDesk BPI. The world’s most actively traded cryptocurrency reached a session high of $927.24 on Saturday, and was on pace for its strongest settlement in two weeks.
  • Several rallies throughout the week briefly pushed bitcoin prices above $900, including a more than 9% gain on Tuesday. The cryptocurrency is consolidating after its biggest flash crash in more than two




BTCUSD Bitcoin Prices Rally

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BTCUSD Bitcoin Prices Rally Bitcoin exchanges in mainland China, where the large majority of transaction volumes take place, suggest bullish sentiment has returned to the market following a period of regulatory uncertainty. After launching an investigation into major bitcoin exchanges, the People’s Bank of China (PBOC) has banned leveraged cryptocurrency trading in an attempt to stem volatility and restrict virtual outflows. According to experts, there is a perception among investors the PBOC will take no further action at this time.

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BTCUSD Bitcoin Prices Rally

China’s yuan renminbi fell almost 7% against the dollar last year, compelling investors on the mainland to cut ties to the slumping currency. Many of these investors diversified into bitcoin, which is seen both as a hedge against instability and a powerful alternative investment.

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Bitcoin gained 125% against the U.S. dollar in 2016, giving it the distinction of best-performing currency of the year.

 

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Richard Dambrosi (JADTECNIC) Has Been Sharing Forex Analysis Trending Markets News since 2011. Editors and Founder of InvestorsBuz.com , has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars , Electric Cars, Medical Marijuana , 3d printing and Cloud computing , Refers to Readers as BUZ INVESTORS.

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