ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

Another bitcoin bubble may have burst in China

Virtual currency crashes under greater scrutiny by central bank

 (placeholder image)
An attendant holds a bitcoin sign during the opening of Hong Kong's first bitcoin retail store in February 2014. Bitcoin lost roughly half its value after hitting a record high in yuan terms in the space of one week.   © Reuters

HONG KONG/BEIJING -- Bitcoin has experienced another epic rise and fall in China, home to most of the trading in the virtual currency, with actions by the authorities hastening the sell-off just as they did in 2013.

After hitting a record high in yuan terms, bitcoin lost roughly half its value in the space of a week. It reached 8,896 yuan ($1,290) on Jan. 5, according to Shanghai-based bitcoin exchange BTCC, topping the high set in 2013. Then came a plunge precipitated by an upturn in the offshore yuan.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more