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Economy

Bitcoin reaches record value, spurred by sliding yuan

Risk-averse traders push virtual currency past 133,000-yen mark

TOKYO -- The cost of one bitcoin climbed past 133,000 yen ($1,135) to a new all-time high Wednesday, breaking a record that has stood for three years, as traders gave up weakening Chinese yuan for the virtual currency.

BitFlyer, a leading Japanese trading house for the currency, reports that the bitcoin surpassed the Dec. 5, 2013, record of 127,800 yen Wednesday afternoon, eventually hitting a value of 133,600 yen. The price dropped after the 2014 collapse of leading bitcoin trader Mt. Gox.

Bitcoin has been gently appreciating since last year. The majority of trades for the currency are apparently made with yuan, and even now, investors seem to be buying it up mainly to escape the risk of the depreciating redback. As China tightens restrictions on individuals converting their assets to foreign currencies, some expect bitcoin to keep rising in value.

(Nikkei)

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