China's Yuan Devaluation may Trigger a Run Into Bitcoin
Foreign currency prices have an intimate impact on financial markets and this week, China's yuan devaluation came as a reminder of how fragile the Chinese economy is at the moment. A significant financial crisis is developing on the country; it seems that the model of economic growth has reached its natural end. Similar to what happened in Greece, Chinese citizens seem to be buying bitcoin in order to preserve the value of their cash. Many already perceive the unexpectedly sharp devaluation of China's yuan as an opportunity for bitcoin. As the dollar and yuan move further apart, bitcoin....
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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....
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....
Bitcoin price diverged between exchanges today as a surprise yuan devaluation shifted buying pressure to the BTC/CNY exchange charts. The yuan is responsible for the greater bulk of bitcoin trade and showed its influence in the chart today. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 15h22 UTC. BTC-China vs Bitstamp 1-Hour Charts. From the analysis pages of xbt.social, earlier today: The surprise devaluation of the yuan, today, had....
China has ordered the most liquid and popular global bitcoin exchanges based in the country to refrain from any “offline promotions,” to not engage in any “fake trading,” to enact “mandatory strong KYC,” and, in a clear sign of nervousness about the country’s currency, to not mention devaluation, according to a translation. China shocked world markets on August 2015 when it devalued its currency, the yuan, by 2%, creating turmoil around the globe and sending its stock market down crashing. It further began money printing in early 2016, sending the currency lower and lower, which in turn....
China’s economic problems may only just be starting, and bitcoin is poised to benefit more than ever before. On top of the ongoing currency devaluations, bubbles are popping in many different industry segments across China, including stock and property markets. As a result, investors are eyeing bitcoin as an alternative. Chinese Investors Moving into....