5/18/2017, 11:46 AM (Source: TeleTrader)
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Bitcoin reaches record high against China's yuan

The exchange rates of the most widely tracked digital currency held close to all-time highs relative to the dollar and euro on Thursday, and even reached 11,499.89 yuan, the strongest value ever. The rise in the bitcoin's value mirrors strong inflows in other digital currencies, called altcoins, as well as the expansion of the underlying blockchain technology across the globe.

China's central bank has been pushing the yuan higher through its fixed daily rate, but traders took it closer to the lower end of the allowed daily trading band. After setting a new all-time high, one token of the benchmark cryptocurrency system bought 11,368.3 yuan at BTC China, advancing 3.79%. At Poloniex, it strengthened 0.54% to $1,874. The bitcoin added 0.4% at Bitstamp, to change hands for $1,790.25, compared to a virtually flat reading of $1.868.3 on Bitfinex. The value versus the euro at Kraken increased 0.26% to 1,654.308.

Kotak Mahindra Bank, one of the largest private financial institutions in India, a market dominated by state-controlled lenders, tested a trade transaction from end to end utilizing blockchain. In other news, accounting giant EY, formerly Ernst and Young, joined the Bitcoin Association Switzerland after becoming the first of the so-called big four in its sector to adopt bitcoin payments in the country. Elsewhere, Norwegian online banking organization Skandiabanken introduced the bitcoin in its client platform, and the Palestinian Financial Supervisory Authority is said to be examining the possibility to finally create a currency – a digital one.

Baha Breaking News (BBN) / IT