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Bitcoin rise driven by Chinese domain

Bitcoin rise driven by Chinese domain

<img src="/images/china.jpg" alt="chinesebitcoindomain" height="264" width="350" />

On September 2015 when the bitcoin price was about $230 China figured out that Bitcoin could increase its popularity specially when the freeflow of capital out of China is growing fast and when gold is stored in China but it is impossible to take it out of the Chinese country. 
And, in fact, some days ago the Bitcoin domain increased exponentially in China. 
It is not clear if it happened because of the fear about a devaluation after Friday’s US Dollar move, or because the Chinese $30 trillion economy found a way to take it out of China.
However, Bitcoin finally has broken its long-term resistance, and right now its price is about $530 according to BitStamp
This is the Bitcoin highest price since summer 2014.

Why is this happening?

It seems somenthing happened in China as the Bitcoin price in CNY on the local Chinese exchange rose as much as the equivalent of $580, much higher than the current US price of about $520. 
This might indicate stronger Chinese demand for the digital currency. 
So, maybe China starts to be conscious about bitcoin, as we could expect in September, when the bitcoin price was 50% lower than now.
The current bitcoin price is about 25% higher in the past days, and analysts expects it will keep growing in the next few days. 
China, in fact, has $30 trillion in deposits – which concerns about devaluations will make very “flighty” while the market cap of bitcoin is under $8 billion. 
If Chinese depositors have finally figured out to use bitcoin to get their funds out of the country, we need to watch out BTC shorts.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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