Bitcoin Soars To 14-Month Highs As Major Exchange Eases Access For Chinese

Bitcoin, at $444, is now up over 100% since we suggested, in early September, it would become the conduit for Chinese capital outflows following China’s crackdown on capital controls. This afternoon’s sudden BIS-induced plunge, taking the virtual currency down $50, has been entirely retraced and more as BTCC (China’s leading Bitcoin Exchange) announced it will now accept direct deposits(making it significantly easier for Chinese to rotate their Yuan deposits into the virtual currency and out of the potential clutches of capital controlling communists).

As BTCC details,

Recent bitcoin price increases have reignited enthusiasm in buying bitcoin. BTCC is confident this trend will continue. As such, we are pleased to announce that we now accept direct deposits.

Customers now need only log in, click on “Account,” then “Fund,” and then select the “Bank Deposit” option to fund their BTCC accounts through their bank accounts. All customers who have Chinese bank accounts will be able to make direct deposits through ATM transfers or online banking.

And adds, even more crucially…

BTCC will stop accepting customer deposits through agents on November 15.

Which appeared to provide further dip-buying impetus to the recovery off the day’s earlier mysterious plunge…

Lifting BTC to $444 highs, more than double the September levels when we suggested it. Notice the rally is on rapidly increasingly volumes also (as word spreads and ease of access is enabled)…

As we noted previously, this is the validation that, just as predicted here two months ago, bitcoin has become the go-to asset class for millions of Chinese savers seeking to quietly and under the radar transfer funds from point A to point B, whatever that may be, in the process circumventing the recently expanded governmental capital controls:

While he didn’t provide any concrete numbers, he did comment last week on what was driving the adoption.“Some Chinese traders are expressing a view on the CNY exchange rate after the last devaluation and you have interest by mainland speculators to move to other assets after the stock market fallout,” he explained in an interview with Bitcoin Magazine.