Bitcoin, the most popular cryptocurrency has opened with a bang in China reaching 7300 yuan per Bitcoin, the highest level since 2013, when it reached an all-time high of 7589 yuan per Bitcoin (BTC). Since January 2015, the value of Bitcoin in China has risen by 711 percent. In August 2015, People’s Bank of China (PBoC) forced the biggest devaluation of the yuan against the dollar around 1.9 percent, since then the value of Bitcoin has soared more than 470 percent. The latest upside in Bitcoin in China came from August, when the price was just 3200. The price has more than doubled since then. The lack of access to the foreign exchange in China might have been playing a crucial role in the rise of the Bitcoin prices. In addition to that, the similar speculative force that pushed the housing prices or the stock prices in China is likely to be playing its part.

The most concerning are the volume figures from China, which clearly indicates that there is a Bitcoin mania going on in China. In the past 30 days, the price of Bitcoin surged more than 35 percent. During this period, the United States recorded a volume of a little more than 560 thousand. Compared to that, the volume in China was more than 150 million. Litecoin, which is another cryptocurrency registered a volume of 3.86 billion over the same period.