Bitcoin Is Soaring: Up Over 10% In One Week On Chinese Buying Spree

Earlier this week, ZeroHedge pointed out that after tracking the recent drop in the Yuan (alternatively, rise in the dollar), bitcoin unexpectedly spiked breaking out of its recent rangebound trade and rising to three-month record levels following news that China had begun a regulatory crackdown on wealth-management products, which indicated that some of the illicit money parked in these shadow bank conduits, which collectively house just shy of $2 trillion in assets, will slowly drift out of the mainland using such capital outflow "proxies" as bitcoin.