Bitcoin Cryptocurrency Rise Because of Chinese Interest

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Bitcoin Cryptocurrency Rise
Bitcoin Cryptocurrency Rise

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin is a worldwide cryptocurrency and digital payment system and is the first decentralized digital currency, as the system works without a central repository or single administrator. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Bitcoin price rose to a new all-time high on Thursday, October 12, 2017 due to increasing investor interest in the cryptocurrency. The price of bitcoin jumped 11.28 percent to $5,375.72 during Thursday’s session, according to data from CoinDesk. The new record surpassed its previous high of $5,013.91 on September 2nd. The recent rally in Bitcoin brings its market capitalization to about 89 billion. Bitcoin is the biggest digital currency by market cap, accounting for over 54 percent of the total cryptocurrency market. Bitcoin was up about 23 percent this month and has gained over 430 percent year-to-date.

Speculation that China may resume cryptocurrency trading and increasing trading volumes in other Asian countries such as Japan and South Korea boosted bitcoin prices. According to a report from Cryptocoinnews.com, the Chinese government is considering licensing exchanges for cryptocurrencies. Last month, the world’s second largest economy banned initial coin offerings (ICOs) and shut down operation of cryptocurrency exchanges, which caused a bitcoin price drop to a low of $2,980 in mid-September. “Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets,” Aurelien Menant, CEO of cryptocurrency exchange Gatecoin, said in a CNBC report on Thursday.

Chineseinvestors.com announced earlier this week that, “the Company has launched the first cryptocurrency daily video newscast in the Chinese language, entitled Bitcoin Multimillionaire, broadcast from the NYSE. The video newscast covers timely information and analysis regarding all aspects of the emerging digital currency world, including specific cryptocurrencies, such as Bitcoin and Ethereum, industry trends, price movement, blockchain technology, and sector-related stocks and ETFs listed on major exchanges and the OTC market.”

“Many Chinese investors are seeking information and education related to the cryptocurrency sector,” says Warren Wang, Founder and CEO of CIIX. CIIX plans to launch a new cryptocurrency website to serve Chinese cryptocurrency investors. The site will provide digital media and cryptocurrency and blockchain technology education providing straightforward explanations of cryptocurrency basics, trading guidelines, real-time market commentary and analysis regarding currency mining, blockchain technology, industry hotspots, sector-related stock trends and ETFs, and other strategies and opportunities to capitalize on the bitcoin market.