Bitcoin Price $800 Imminent; Boosted by China Capital Outflows
As capital outflow from China continues to increase, the possibility of Bitcoin reaching $800 seems to be more than ever. Read more…
Bitcoin has been going strong since the past few weeks. The cryptocurrency which was priced at around $640 in mid-October has surged past the $700 mark and now stands at $725, after falling to $690 briefly over the weekend. At the current pace, the price of Bitcoin reaching $800 is imminent.
As to the reason behind the recent increase in price, the largest since June 2016 is the constant demand for Bitcoin in the Chinese market. Lately, China has been witnessing an increased capital outflow despite strict capital controls. According to available data, the country is leaking money for over two straight years due to weakening yuan. China’s foreign exchange reserves are said to be plummeting at a drastic pace as more people rush to buying foreign assets.
This post was published at NewsBTC on November 1st, 2016.