Bitcoin Climbs More Than 6% on Chinese Exchanges
Chen Juan
DATE:  Sep 12 2017
/ SOURCE:  Yicai
Bitcoin Climbs More Than 6% on Chinese Exchanges Bitcoin Climbs More Than 6% on Chinese Exchanges

(Yicai Global) Sept. 12 -- Bitcoin prices rebounded more than 6 percent to over CNY25,000 on Chinese exchanges after falling for two days in a row on the news that China would ramp up relevant supervision. Several popular Chinese trading platforms are operating as normal, and some have increased their fees.

Bitcoin prices dropped on news released Sept. 8 that Chinese regulators would close bitcoin exchanges. One unit was going for CNY21,500 on Sept. 10. The price was CNY25,181 by 5.00 p.m. yesterday, after going up 6.7 percent during the day, per data from Huobi, one of the country's Big 3 bitcoin trading platforms.

The rise continued today, and bitcoin prices on several Chinese trading platforms have approached CNY27,000.

Due to recent large fluctuations in digital asset prices, CHBTC said it would adjust its transaction fees for some cryptocurrencies to 0.2 percent from 12.00 p.m. yesterday to avoid market overheating and curb speculation.

Houbi previously changed its rate to 0.2 percent. Bichuang.com and Btcchina.com set their rates at 0.1 percent and 0.2 percent, respectively, this month.

At 6.16 p.m. today, traders were paying USD4,296.00 and CNY26,784.98 for bitcoin on GDAX and Btcchina.com, respectively.

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Keywords:   Bitcoin