Chinese investors are buying bitcoin as the yuan continues to fall since bitcoin allows them to store funds outside of China, according to The Wall Street Journal. The activity has renewed fears of government enforcement action against bitcoin, which happened when prices soared in 2013. Bitcoin trading reached 47 million bitcoins last week, the highest-ever level based on data since 2011. China, the world’s second-largest economy, commands most of the bitcoin buying activity, with trading on three Chinese bitcoin exchanges accounting for 98% of global volume in the past month. Read more: cryptocoinsnews.com
