Bitcoin recovers after slumping on China bank measures
SHANGHAI (AFP) - Prices for the volatile virtual currency Bitcoin leaped in China on Thursday, after falling nearly 50 per cent one day earlier due to new restrictions reportedly imposed by the central bank.
On Thursday afternoon, Bitcoins were trading at 2,900 yuan (S$600) each on China's biggest trading platform BTC China, up more than 40 per cent from an intra-day low of 2,011 yuan on Wednesday.
But despite the recovery the Bitcoin price in China lagged well behind those on major global exchanges. Price differences between them are usually small.
Bitcoins were trading at US$586 (S$740) each on Japan's Mt. Gox and being quoted at US$549 on UK-based BitStamp, data from their respective websites showed.