Over the past month, Bitcoin has been highly volatile. However, the G-20 summit that took place on Sunday in China triggered a surge in the cryptocurrency purchases in China.
During the Asian session, the dollar fell by almost 8% against Bitcoin. According to LiveBitcoinNews.com, China accounts for the largest portion of global purchases of e-currencies, and Bitcoin particularly. There are several large exchanges with significant trading volumes.
According to research institutes and financial experts, the demand for Bitcoin rose after the devaluation of the yuan, making the Chinese investors buy the cryptocurrency at higher prices.
Investors and traders on OKCoin, China’s largest Bitcoin trading platform, traded Bitcoin at around $614 on Monday due to a high demand on the domestic market.
Interestingly, the price of Bitcoin rallied during Brexit, while the Fed’s decisions provoked its decline. Now, it is rising again amid the G-20 summit.
It is likely that the Chinese investors realize that the yuan's depreciation is not set to end soon so they actively invest.
