On 24 September, China issued two documents. One outlawed cryptocurrency mining, the other declared all cryptocurrency transactions illegal and all companies providing cryptocurrency trading services to Chinese citizens as engaged in illicit financial activity.

And here we are, not even a month later, and bitcoin is up over 50%.The reason for bitcoin’s recent rally, certainly the latter part of it anyway, was the announcement last week that there will, finally, be a listed bitcoin exchange-traded fund (ETF).

Money Week