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Quoting from http://www.businessinsider.com/bitcoin-price-january-4-2017-2017-1 http://www.businessinsider.com/bitcoin-price-january-4-2017-... Bitcoin's gains
by rock57 10y ago
Quoting from http://www.businessinsider.com/bitcoin-price-january-4-2017-2017-1 http://www.businessinsider.com/bitcoin-price-january-4-2017-...
Bitcoin's gains have been buoyed by renewed interest from China, where money is rushing out of the country as its currency, the yuan, continues to weaken...
According to a recent Business Insider Intelligence briefing, citing data from Cryptocompare: "In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars."
- elastic_church 10y ago1/3rd of the entire bitcoin supply changed hands in China in a 24 hour time period? Come on that doesn't even make sense. Perhaps a notional value of 5 million bitcoin by volume were traded, but some phrases make more sense than others.
- kobeya 10y agoWhich isn't surprising at all, because many of the Chinese exchanges have no trading fees. So of course you have massive volumes.