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Bitcoin Recovers Above $900 as Demand Stabilized Following New Trading Fees in China

January 27, 2017 at 22:49 by Yahia Barakah

The price of Bitcoin rose on Friday to pass the $900 mark, after declining for 4 days in a row after major Bitcoin exchanges in China started imposing trading fees. The decision, which was taken under the guidance of the People’s Bank of China, delivered a strong blow to Chinese demand for the virtual currency.

The new announcement is the latest part in a series of developments that took place as China’s central bank cracked down on the trading of Bitcoin within the country. Major Chinese exchanges, including BTCC, Huobi, and OKCoin, had previously announced that they’re halting margin trading.

The latest development placed a heavy downward pressure on the price of the digital currency as trading volumes dropped, forcing Bitcoin below the $900 level before stabilizing today.

The People’s Bank of China said on Wednesday that it plans to continue investigating Bitcoin exchanges, which raised concerns that more limitations could be put on Chinese investors’ ability to access the virtual currency.

BTC/USD traded at 919.5 as of 22:20 GMT on Friday, after touching 924.1 at 16:15 GMT, the highest level since January 23. BTC/USD started Friday off at 895.4.

If you have any questions and comments on bitcoin today, use the form below to reply.

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