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
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.
Bitcoin plunges as much as 20 percent as Chinese yuan soars
LONDON (Reuters) – A dramatic rally in digital currency bitcoin came to a spectacular end on Thursday with a plunge of up to 20 percent as China’s yuan rose sharply – further evidence of an intriguing inverse relationship between the pair.
Bitcoin jumps above $1,000 for first time in three years
LONDON (Reuters) – Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016.