China’s Bitcoin Trading Value Soars In May 2017

By TechSecurityChina.com Editor
June 12, 2017

In May 2017, the Bitcoin trading value in China reached CNY21.708 billion, four times that of April 2017. And the total Bitcoin value reached CNY19,200, a record high price.

China's National Committee of Experts on the Internet Financial Security Technology the latest numbers and showed that by the end of May 2017, the world's Bitcoin market value saw an increase of 61% over the previous month to USD37.48 billion. However, the ratio of its market value among global virtual currencies decreased to 45.62%, due to the rapid growth of other competing currencies.

In addition, with the growing of trading volume, China's Bitcoin trading price was over CNY10,000 for the first time on May 10 and the price continued to increase in the following two weeks. On May 25, it reached a record high price of CNY19,200.

Bitcoin was born in 2009 and a global virtual currency ecosphere was established around it, covering coin generation, storage, trade, and applications; and it further promoted the emergence of hundreds of kinds of encrypted digital currencies.

At the beginning of 2017, the People's Bank of China implemented inspections targeting the Bitcoin market, including foreign exchange management of trading platforms and realization of an anti-money laundering system. So for all intents and purposes, Bitcoin in China is still not fully legal.

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