The Bitcoin hits a new record because of rumors that China may cancel the prohibition of the trade of crypto-currencies

The price of Bitcoin has reached a new record of 6 306,58 dollars after rumours have emerged, according to which China might reconsider its prohibition to negotiate crypto-currencies in the country. The increase of more than $ 200 over the previous record of 6 148,82 dollars a week ago, occurred in the wake of a report published by the Corner Telegraph. According to the media, the national Congress of the chinese communist Party has decided to lift the ban on the trade of crypto-currencies.

The report also stated that a new trading platform for digital currency based in China called will be launched on the 1st November. Investors around the world will be able to access this platform.

The ban took place in September

China has prohibited the exchange of bitcoins and the ICO in September. The reasons of this prohibition are subject to the risks relating to the use of this technology. Since then, rumors are circulating that China could completely prohibit the use of the virtual currency.


If this news is confirmed, it is likely that we are witnessing a real revolution on the market. In addition to Japan and the United States, China is also one of the largest markets for crypto-currencies. Unfortunately, the position of the chinese government has not facilitated the development of the sector in the country. A situation that has led many investors to exit China.

The market of Bitcoin recovered quickly despite the ban

The position of the governments of the world has an influence on the price development of Bitcoin. If the prohibition of China has promoted the reduction of the value of this virtual currency, the market recovered quickly. The growing demand of Japan ” explains the stabilization of the market.

If the chinese government cancelled its ban, it would stimulate the global demand. In addition, it is expected that China is changing once again of the opinion that impact on the value of Bitcoin.

Source : SiliconAngle