Bitcoin hits 2-year high, now 684.78 on Chinese buying

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June 13, 2016 (LBO) – A sudden burst of buying pressure in Bitcoin, driven by Chinese buyers, has spiked the virtual currency higher to 684.78 dollars on heavy volumes.

Bitcoin is trading at its highest level since May 2014, and “up 250 percent since we first suggested this an outlet for desperate-to-leave capital outflows in September,” Zero Hedge reported.

“We note that the ‘arbitrage’ of over 150 Yuan points to massively more demand from Chinese buyers for now.”

Chinese investors can use bitcoin to bypass capital controls, the site reported, after the currency jumped from the 530 dollar level last week.