Bitcoin Jumps to Three-Month High as Yuan Weakness Fuels Buying

Chinese investors are hedging yuan risks with Bitcoin: Huobi Price is close to recovering plunge sparked by Bitfinex hack Bitcoin rose to an almost three-month high amid a surge in volume as the yuan extended a six-year low, bolstering Chinese demand for alternative assets.
The cryptocurrency jumped as much as 4 percent from Friday to $655.50, the highest since July 29, according to data compiled by Bloomberg. Trading volume climbed to an almost seven-month high of 5.5 million bitcoin on Sunday, data on Bitcoinity.org showed.

This post was published at Bloomberg on October 24, 2016 -.