98% of Bitcoin trading volume over the past six months was in Chinese Renminbi

98% of Bitcoin trading volume over the past six months was in Chinese Renminbi

In case you were wondering why Bitcoin experienced a crazy spike recently: China’s economy is a hyperinflated bubble, poised to burst and the Chinese central bank is depreciating the Renminbi — so China’s wealthy are getting their cash out of the country as fast as they can, using any means necessary: suing themselves, spending huge whacks of cash while on vacation, and converting it to Bitcoin (this is especially urgent now that the Canadian real-estate money laundry is shutting down) — this is just the latest salvo in the Chinese capital flight story.

After reaching near-record high, Bitcoin drops from $1,150 to $887, a 23% decline in six hours, then quickly recovers to around $1,000

After reaching near-record high, Bitcoin drops from $1,150 to $887, a 23% decline in six hours, then quickly recovers to around $1,000


Paul Vigna / Wall Street Journal:

After reaching near-record high, Bitcoin drops from $1,150 to $887, a 23% decline in six hours, then quickly recovers to around $1,000  —  Digital currency saw huge moves Thursday as China’s yuan gained strength  —  Bitcoin approached record highs and then fell sharply into a bear market—all in one morning.