Chinese Investors Push Up Price Of Bitcoin

Bitcoin is rising in value after Chinese investors bought into the virtual currency pushing the price to its highest level in two years on Sunday morning. Chinese investors in fear of a slowing economy and anticipated capital controls are expanding their portfolios into digital currency. The government is concerned about capital flight. RT reports: The cryptocurrency hit $660, according to OKCoin, up from $436 on May 19 and 225 percent in the past 12 months. Bitcoin now has a market cap of over US$10 Billion, placing it above Twitter which stands at $9.77 billion. The virtual currency peaked at $1,100 in November 2013, only to fall below $180 in early 2015. Bitcoin up 225% trough to peak over the past 12 months! pic.twitter.com/j0UxyZWQyx — Pierre Rochard (@pierre_rochard) June 12, 2016 #Bitcoin now has a larger market cap than Twitter pic.twitter.com/rU2b9cKX3F — Dennis Ƀinnekade (@Xentagz) June 12, 2016 Bitcoin now has a larger market cap than Twitter! Let that sink in for a moment. https://t.co/HWphoJZVT4 — /r/Bitcoin (@RedditBTC) June 12, 2016 Bitcoin just broke its 2-year record closing in on $650 😳https://t.co/ODFeN3LBZa pic.twitter.com/OOaKtyfPfc — levels (@levelsio) June 12, 2016 @WhalePanda the first 10 billion is the hardest, now it should be [...]