Here is why Bitcoin surged high to $6,306.58 on Sunday

Bitcoin surged to a new record high of $6,306.58 in trading Sunday after rumors emerged that China may be reconsidering its ban on the trading of cryptocurrencies.

19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.

On Oct. 28, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.

The price, up more than $200 on the previous record high of $6,148.82 one week ago, came following a report published by Coin Telegraph. The report said that following the 19th National Congress of the Communist Party of China, a number of “temporary regulations and policies” were to be canceled, with cryptocurrency trading possibly on the list.

But the launch announcement linked at the bottom of the page results in a 500 Internal Server Error message. Other features on the website do suggest that it is a cryptocurrency exchange complete with a listing of crypto trading pairs along with a link to a trading app, though no feature is currently working.

China banned bitcoin exchanges in September following an earlier ban on initial coin offerings. The government cited similar reasons for banning both: competition to fiat currency, money laundering issues and regulatory concerns. Since that time, rumors have circulated that China may ban the use of cryptocurrencies altogether, resulting in reports that bitcoin miners were selling their hardware ahead of a future ban.

Although the market initially reacted with concern to the Chinese ban, it soon recovered for a variety of reasons, including investors looking to buy into the currency prior to the Bitcoin Gold fork and increasing demand from Japan.

Should the Chinese government overturn its ban on cryptocurrency trading, it would be a boost for global demand. However, with its once highly popular exchanges now shuttered, it wouldn’t be a case of the Chinese market returning overnight.

Bitcoin price is presently trading @ $6,144.65 at the time of publishing this post.

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