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Bitcoin Jumps to Three-Month High as Yuan Weakness Fuels Buying

  • Chinese investors are hedging yuan risks with Bitcoin: Huobi
  • Price is close to recovering plunge sparked by Bitfinex hack
Bloomberg business news

Offshore Yuan Nears Record Low

Bitcoin rose to an almost three-month high amid a surge in volume as the yuan extended a six-year low, bolstering Chinese demand for alternative assets.

The cryptocurrency jumped as much as 4 percent from Friday to $655.50, the highest since July 29, according to data compiled by Bloomberg. Trading volume climbed to an almost seven-month high of 5.5 million bitcoin on Sunday, data on showed.