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

blockchain bitcoin

June 13, 2016 (LBO) - A sudden burst of buying pressure in Bitcoin, driven by Chinese buyers, has spiked the virtual currency higher to 684.
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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.
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"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.
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