Instead of WeChat, cryptocurrency aficionados are already migrating to encrypted messaging service Telegram. Bitcoin trading against the Chinese currency has dwindled to 19 per cent of total volume in the past 6 months, from about 90 per cent last year, according to digital currency data website Bitcoinity, after Chinese regulators clamped down on the market earlier this year. That the digital asset recovered is an understatement, as its price has almost quadrupled since.So where to next? John Spallanzani at GFI Group Inc. says $4,000 is the level to watch.“If we hold at $4,000 we have a nice shot to make a new high on the year,” Spallanzani said. “If not, then it’ll roll over and retest the lows of $2,875.”

Source: Economic Times September 19, 2017 05:26 UTC