Bitcoin Surges Almost 10% On Heavy China Buying Amid G-20 Chatter

After a month of extremely 'odd' stability in the price of virtual currency bitcoin, the G-20 meetings appear to have sparked a resurgence in buying from the Chinese as the dollar is down around 8% against Bitcoin in early Asian trading.

As LiveBitcoinNews.com reports, China, despite the unclear regulatory frameworks and policies established by the government, maintains the largest Bitcoin market in the world, with some major exchanges with substantial trading volumes and demands. Research institutions and financial companies presume that the devaluation yuan pushed the demand for Bitcoin further, causing local investors to purchase Bitcoin at higher prices.

Investors and traders on OKCoin, China’s largest Bitcoin trading platform, have been trading Bitcoin at around US$614 on average over the past 24 hours, due to an overwhelming demand from the local population.

 

Although the move is significant in terms of the last month's stability, some context for it is required...

 

And chatter of further Yuan devaluation (and pricing in derivatives as we already detailed)...

 

Suggests OKCoin exchange's Bitcoin price has a way to run yet, as local Chinese realize the trend in the Yuan's weakening is not set to end anytime soon.