The Tell: Bitcoin hits 3-month high as Chinese investors flee falling yuan

Bitcoin prices soared to their highest levels in three months over the weekend as Chinese investors sought protection from a weakening yuan.

Trading volume in China surged on Saturday, with nearly 99% of global trades executed on OKcoin, Huobi and BTCChina, three of the largest Chinese exchanges, according to CryptoCompare, a company that analyzes trading activity in several cryptocurrency markets, including bitcoin. OKcoin customers paid as much as 4,572 yuan, or $676, for a single coin, the highest level since mid-July, as prices on U.S.-based exchanges lagged behind their Chinese peers.

ne bitcoin US:BTCUSD was worth $654 on Monday, according to CoinMarketCap, its highest level since late July, as Chinese exchanges continued to experience heavy trading volume.

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