Speculations that China could cancel its ban on local exchanges has made Bitcoin reach a new peak, at an incredible price of $6,255, informs CoinSpeaker.
The latest rumors say that the Chinese government is determined to lift its ban on local cryptocurrency exchanges operating within the country, so this news has brought some new hope and optimism in the cryptocurrency market. The results? The price of Bitcoin rose to an all-time-high value of $6,255.71. Although it afterwards registered a downfall, at $6,113.71, it’s a record that got the whole community thinking.
Like expected, the growth came quickly!
Following this major breaking release, a sudden increase happened in the trading volumes for Bitcoin and even other cryptocurrencies like Ethereum and Litecoin. The decision to ban all cryptocurrencies trading stands since the 19th National Congress of the Communist Party of China, but now Chinese investors can look towards a future with no regulations and policies.
Back in early September this year, the Chinese government issued an operational ban on all the local exchanges because it was believed that cryptocurrencies exchanges were only cover-ups for fraudulent activities like money laundering.
China could start trading Bitcoin as early as this November 1st
Some talks also claim that ZB.com, a China-based cryptocurrency trading platform, will be launching its operations starting 1st of November, and all users from mainland China will have access to its features. The website has a list for crypto trading pairs along with having its own trading app, but they seem to be under development, at least for now.
The Chinese ban created confusion and pessimism in the Bitcoin market, so this news has brought a feeling of relief. However, until officials confirm the rumours, nothing should be taken as granted. Maybe that’s why the price of Bitcoin stopped growing after it reached this all-time-high value of $6,255.71.