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Chinese savers boost Bitcoin

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Chinese buyers are fueling the Bitcoin rise to new heights. The virtual currency grabbed the media’s attention when its price soared to about $140 (853 yuan) during Europe’s bank crisis this April. (See page 7 in 21st Century’s April 10 issue). After that, its price gradually dropped. But a new, much stronger wave of Bitcoin frenzy swept the world last month. In early November, a massive spike in Chinese purchases of the digital currency almost single-handedly caused Bitcoin prices to triple.
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