Bitcoin Price On Path Of No Return, With Yuan, Hodling, Institualization Being Factors
Yes, the weakening yuan is responsible for the rise in the price of Bitcoin. But what about some other efforts that have been playing complementary roles to push the top digital currency's price to a level that is far higher than what we have experienced in previous years? And with the look of things, the reality is: these contributing factors are the mainstay of what is keeping the price of Bitcoin stable and unwilling to give in to any form of reversal. Bitcoin’s price has gone up $100 in a month from about $605 as at September, 30 to up to $705 by October 28 - as at the time of this....
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Several reasons have been alluded to regarding the sharp rise in the price of Bitcoin from Saturday September 3 when it jumped from about $574 to $610 by the following day, including a push from speculators expecting the devaluation of the Chinese yuan. NIRP Umbrella tweeted that Bitcoin’s price was nearly 10% against the yuan, citing the decentralized utility of the currency being “in full force vs. arbitrary devaluations.” Factors that might have influenced the price. Now sitting at the $600 price range, this is the highest the currency has reached since the August 2 hack of the Chinese....
Popular digital currency exchange BTC-e announced today it would begin trading in Chinese 'offshore yuan' (CNH), becoming the first international bitcoin exchange to offer both US dollars and yuan, and opening a field of new opportunities for currency speculators. "We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols:....
Rectifying this situation will not be an easy feat either. Further devaluing the Yuan seems the only plausible scenario, although it is impossible to predict the outcome. The recent Bitcoin price surge is mostly driven by Chinese traders. Increasing fear of capital outflows and the ongoing Yuan devaluation make Bitcoin a viable alternative investment opportunity. It is evident the Chinese government is running out of ideas to stabilize the economy. In fact, it appears the Yuan will continue to slide down a slippery slope. To be more precise, it seems the increasing Bitcoin demand hints at....
Other factors contributing to Bitcoin’s success are not difficult to find. India and Venezuela are struggling with demonetization, and major banks are fined several times over for their malpractices. With the Bitcoin price on a very bullish path, the overall market cap of this cryptocurrency has yet again increased. Earlier today, the total value of all Bitcoins in circulation unsurpassed US$14bn for the first time in years. In fact, Bitcoin has more than doubled in value his year. In January of 2016, Bitcoin was trading at an average price of US$435. Fast forward to today and Bitcoin is....
Crypto analyst George McDonaugh says that the U.S. presidential election is unlikely to change the bitcoin price’s upward trajectory. He draws on a number of fundamental and technical factors to illustrate his point. For example, McDonaugh argues that the recent surge in the price of bitcoin (BTC) is actually part of a sustained rally since the ‘Covid capitulation’ event back in March. “Since then we’ve seen nothing but bullish signals appear one after another,” McDonaugh said, in thoughts shared with news.Bitcoin.com “We’ve seen four....