Unexpected Yuan Gains Affect Global Markets And Bitcoin Price
As the Yuan gains momentum, the Bitcoin price is taking a big hit in China. For the first time in months, the Chinese Yuan has noted significant gains. Currency markets responded negatively to this news, as the dollar sank a bit. Moreover, this news seems to indicate financial experts got their 2017 Yuan prediction entirely wrong. Chinese traders are also driving the Bitcoin price right now, although that may not be related to the Yuan value increase. Gains made by the Yuan come as a complete surprise to all financial experts. In fact, the currency noted the largest two-day increase since....
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Bitcoin price made significant gains in a trading hour today as price spiked up to nearly $740 on the Bitstamp Price Index (BPI), pushing toward the higher ceilings of the cryptocurrency in 2016. The surge began at 12:25 UTC, when bitcoin was trading at $714.88. Merely fifteen minutes later, price jumped to $721.36 before a frenetic surge saw price scale up to $739.01 at 12:55, representing a 4% swell in a half-hour period. At the time of publishing, Bitcoin was trading at $730.46. The popular theory for bitcoin’s rising value is, as has been the case in recent times, Chinese investors....
Yesterday Bitcoin’s price was holding steady in the corridor of $375 - $387 as there were no releases of any news that could affect the price of Bitcoin. Sellers were unable to lower the price of Bitcoin below $375. Today however, the financial markets promise to be intense. New macroeconomic indicators have already been published in China with GDP growth in the 4th quarter at 1.6%, against previous value of 1.8%. The data on volume of industrial production is 5.9%, the previous was 6.2%. Investment in fixed assets in December reduced to 10.0%, against the previous value of 10.2%. The....
China devalued the yuan today in a move that caught global markets by surprise. Policy makers have increased efforts to support exporters and, going forward, hope to increase the role of market pricing in Asia's largest economy. The Peoples' Bank of China cut its 1-day rate by 1.9% and, thereby, triggered yuan/dollar devaluation - the biggest one-day drop since January 1994. The central bank informs only this one-time adjustment and intends to increasingly expose the yuan to market supply-and-demand. The announcement follows a series of lower-than-expected data releases from the Chinese....
Unlike other “traditional investments’ Bitcoin operates in a completely different matter. Short-term gains or losses are not guaranteed, making it less appealing to investors. Hardly anyone will be surprised to hear the Chinese Yuan continues its devaluation in the wake of the Brexit. In fact, the Chinese Premier mentioned how the entire global financial could collapse as a result of this outcome. At the same time, this news opens more opportunities for Bitcoin, assuming people are willing to take the risk. Individuals who have been following financial news over the past few months will....
The PBOC's move to control yuan may further strengthen Bitcoin while the country's economy weakens. Bitcoin recently ended its price rally rather abruptly after the Chinese yuan improved its performance for a short period. While many resorted to panic selling with the hopes of yuan’s continued improvements, it hasn’t turned quite the way they had expected. Thanks to the meddling of People’s Bank of China, the currency’s gains were short-lived. According to various financial media outlets, the actions of PBOC to set the yuan midpoint at 6.9262 as against the previous week’s 6.8668 is an....