Heavily traded: Chinese exchanges have reported high volumes of trading of the web-based "cryptocurrency" over the past year.
LONDON: A dramatic rally in digital currency bitcoin came to a spectacular end on Thursday with a plunge of up to 20% as China's yuan rose sharply - further evidence of an intriguing inverse relationship between the pair.
Bitcoin had gained more than 40% in two weeks to hit a three-year high of US$1,139.89 (RM5,103.29) on Wednesday, just shy of its all-time record of US$1,163 (RM5,206.75) on the Europe-based Bitstamp exchange. But it dived as low as US$885.41 (RM3,962.15) on Thursday as the yuan jumped by over 1% in offshore trading and headed for its strongest two-day performance on record.
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