Despite the Chinese government’s crackdown on initial coin offerings (ICOs) and cryptocurrency exchanges, local traders have invested in Bitcoin with a huge premium during its recent rally.
As Cryptocoinsnews previously reported, the Bitcoin price achieved a new all-time high at $5,920 last week, moving closer to the $6,000 region. Analysts including billionaire hedge fund investor Mike Novogratz predicted the Bitcoin price to surge even further in the mid-term, as an increasing number of institutional investors engage in cryptocurrency and Bitcoin trading.
When the price of Bitcoin was rapidly approaching the $6,000 mark and broke through $5,800, local investors and traders in China rushed to invest in Bitcoin, regardless of the imposition of a nationwide ban on cryptocurrency exchanges that requires leading Bitcoin exchanges such as OKCoin and Huobi to halt their services by the end of October.
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