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Bitcoin’s value went through the roof on Wednesday last week as investors piled into the digital currency, which is often used as a hedge during times of uncertainty in the global economy. However, several hours later Bitcoin crashed by nearly 20 percent, with analysts attributing the fall to a sudden rise in the value of China’s yuan.
Bitcoin soared in value last year, becoming 2016’s strongest performing currency, with the digital currency’s dizzying rise continuing over into the new year. The Bitcoin Price Index showed the currency breaking through the US$1,100 mark during early trading Wednesday, reaching a three-year high of US$1,139.89 and edging toward 2013’s record high of US$1,165.89.
However, according to Reuters, Bitcoin’s value suddenly plummeted on Thursday by 20 percent, slumping to US$885.41, a fall of more than US$200 in a single day’s trading, once again demonstrating the volatile nature of digital currencies. Reports attributed the cause of the dramatic crash to the Chinese yuan offshore exchange rate’s steep appreciation of more than 1 percent against the dollar.
Source article: http://www.taipeitimes.com/News/lang/print/2017/01/10/2003662801