Ukrainian cryptotrader and blockchain expert Kir Kelevra explained the reason of the dramatic upsurge of bitcoin. Today the cryptocurrency reached its maximum in two years, breaking through $700 barrier.

The fertile ground for bitcoin price growth was additionally fertilized these days by the positive attitudes of market participants waiting for a price growth before the halving. Nevertheless, the considerable leap of the bitcoin price from $550 to $700 was mostly caused by the pressure of Chinese investors who save their capitals from the quickly devaluating Yuan. It can be proved by the fact that the great majority of all transactions took place on Chinese exchanges OKCoin and BTCC; they accounted for roughly 90% of the daily trading volume.

It is remarkable that the daily trading volume in the whole network in dollar equivalent soared more than twice, from habitual $125 million to $258 million. Such a needle on the chart could be observed in the beginning of November 2015 (it reached $335 million daily) when the Chinese government vetoed foreign Yuan investment and banned Chinese citizens from investing more than $50,000 in foreign projects.

Apparently, it becomes more and more difficult for China to keep Yuan within acceptable limits, and the traders are very sensitive to such situations, so it would cause more and more leaps. Rollbacks allowing to fix the earnings are possible when the Chinese appetites are satisfied.

Be ready for Russian mountains on Chinese trains, my friends. In 2016, volatility will only increase.