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China has always been the driving force behind the Bitcoin price. Interestingly enough, it is the Chinese exchanges pushing the price well above the all-important US$800 threshold. It is up to the rest of the markets around the world to follow this lead. Them again, it is not certain the US market will get to US$800 anytime soon, as it is a major point of resistance.
Many people woke up to can exciting surprise, as Chinese Bitcoin exchanges are trading at US$800 and above. Compared to the current global average of US$784, that is quite a gap that needs to be filled. Do keep in mind Chinese exchange users are always paying a slight premium value per BTC.
Chinese Traders Push Bitcoin over US$800
To put this into perspective, both OKCoin and Yuanbao were trading Bitcoin above US$800 this morning. OKCoin saw a top price of 5571.52 Yuan, which equals to US$800.59. Not a bad price to start off the day, and another strong indication of the current bullish Bitcoin trend taking place all over the world.
Yuanbao, on the other hand, allegedly saw trade prices of US$804 and up, according to one Reddit user. This is quite can intriguing development, as there is still somewhat of a difference between Chinese exchanges. Them again, OKCoin is one of the high-volume platforms, whereas Yuanbao seems less popular.
All of this goes to show the Bitcoin price is far from done with its bullish trend. In fact, it seems there are more reasons every day to get involved in cryptocurrency. The financial ecosystem is hit with setbacks every other day, and financial institutions continue to make horrible decisions. Plus, the number of banks getting hacked this year continues to increase, which is not helping matters either.
One also has to keep in mind how the US$800 mark is quite important, even more so for the Chinese. Even though the Yuan value is nowhere close to 800 or 8000, they seem to value the US Dollar equivalent. The number 8 is pronounced as”ba’, which is very similar to the term “fa,” which indicates wealth. This was pointed out on Reddit and provides some insights as to why the number 800 may hold significant value.
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