10/31/2016

Bitcoin headed for its biggest weekly jump since June

Bitcoin headed for its biggest weekly jump since June as declines in the yuan boosted demand for the cryptocurrency.
The digital tender surged 8.8 percent this week to $685.79 as of 5:01 p.m. in Hong Kong. That’s the biggest gain since June when prices skyrocketed as investors girded for the results of the U.K.’s Brexit vote.

Now the risk is yuan depreciation. China’s exchange rate has fallen for the fourth week against the dollar and is trading near a six-year low, on speculation officials are tolerating faster declines ahead of a potential U.S. interest-rate increase by year-end. For Chinese people, buying bitcoin is one way to hedge against the yuan’s weakness amid capital controls.
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