What Cooked the Recent Bitcoin Rally?
Renewed activity on Chinese Bitcoin exchanges following the recent developments in G-20 summit may be responsible for the increase in Bitcoin prices.
The Bitcoin community had a reason to rejoice this weekend as the digital currency broke the impasse to cross $610. The popular cryptocurrency has been hovering at around $570 since the past one month after falling from a high of $750 following the Bitfinex hacking incident.
Like many times in the past, the sudden movement of Bitcoin price is attributed to an increased interest in the digital currency among Chinese investors. China plays a major role in the Bitcoin economy. From mining to trading, the country’s Bitcoin community is heavily invested in the ecosystem. The Chinese mining pools already contribute over 50 percent of the total hashing power on the Bitcoin network.
This post was published at NewsBTC on 5:00 pm September 5, 201.