The {price|cost|rate} of Bitcoin in China {went past|passed by|transcended} $990 this {afternoon|mid-day}, as Chinese {investors|financiers|capitalists} {continued to|remained to|continuouslied} {push|press} high {volumes|quantities} in {local|regional|neighborhood} exchanges.

1. Bitcoin Price Can Reach $1,000 Before New Year, Hits $990 in
China
teamsteverhyner.com/bitcoin-price-can-reach-1000-before-new-year-hits-990-in-china/
The price of Bitcoin in China went past $990 this afternoon, as Chinese investors continued to push high volumes in
local exchanges.
Most investors at this time of the year are hoping to evade capital controls and circumnavigate cash restrictions, as
noted by Holger Zschaepitz, financial author and editor of Welt.
Further yuan devaluation and tightening of capital controls
Analysts revealed that Bitcoin hit record high volumes this past week, which ultimately led to its price rally and
pushed the price of Bitcoin to increase by over 20 percent. Zero Hedge suggested that Chinese investors are
anticipating further yuan devaluation and the tightening of capital controls, caused by the rising rates of the Federal
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2. Reserve and increasing cash outflow as the New Year approaches.
Major Bitcoin exchanges including BTCC have consistently displayed a price of $990 per Bitcoin on the Chinese
market throughout the day, as Bitcoin trading volumes continue to rise. BTCC, which effectively settles nearly 45
percent of global Bitcoin trading and 52 percent of the Chinese Bitcoin exchange market, recorded a 24-hour volume
of 1.9 mln Bitcoin.
$1,000 before New Year?
Based on this trend and price rally, it is likely that the Bitcoin price in
China will surpass $1,000 before the New Year.
Last week it was also revealed that China hit an all-time weekly
Bitcoin trading volume on exchanges, as investors began to panic
purchase Bitcoin amid a well-performing price rally. However, the
drastic increase in trading volumes suggests that the devaluation of
the yuan is foreseeable in the short-term.
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3. Re-posted from www.cointelegraph.com by Joseph Young December 28, 2016
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4. Steven L. Rhyner
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