Bitcoin has retraced over half its losses from last week's tumble, rallying back above $2450 oveenight after news that China's three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.
As CoinTelegraph reports, on May 31, local Chinese Bitcoin and cryptocurrency news source cnLedger reported that OKCoin China resumed withdrawals for traders.
S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.
Content originally generated at iBankCoin.com
China's unprecedented crackdown against Yuan shorts continued overnight, when the FX market saw even more fireworks as the onshore yuan headed for the biggest four-day advance since 2005 following the strongest central bank fixing since January and amid ongoing speculation China's central bank is trying to crush shorts while China's big banks continue to limit offshore liquidity.
Hedge funds are jumping back into gold.
Money managers boosted their long positions in U.S. futures by the most in almost a decade in the week ended May 23, Commodity Futures Trading Commission data show.
As Bloomberg notes, bullion futures have posted three straight weekly gains, helped by U.S. and European political angst that has boosted demand for the metal as a haven.