Bitcoin Price Makes Huge Gains as Chinese Yuan Crashes
The bitcoin price has risen by $21 since our last price piece. The joy is spreading throughout the digital currency community, and enthusiasts are feeling the love. Some analysts seem to think that the fall of the Chinese yuan is responsible for this most recent rally. One source explains: “Bitcoin price staged a strong rally to break past the short-term channel top and aim for the longer-term resistance… Buyers are taking control of bitcoin price action… Moving averages are in line with the 4-hour bullish channel support at $610, adding to its strength as a floor. Bitcoin seems to have....
Related News
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....
The trading volume coming out of China suggests a correlation with the price of Bitcoin. The influence of the Chinese yuan has shown itself especially in the second half of 2016. The year 2016 has seen the price of Bitcoin exhibit some significant activity. In its overall trend, the price of the world’s number one cryptocurrency has risen significantly within the year. Recently, a closer look at their behavior reveals a developing correlation between the price of Bitcoin and the value of the Chinese yuan. Financial data coming out of China in recent times has also been seen to cause a....
Bitcoin price has made increasing gains since the beginning of October, scaling back to the ceiling achieved toward the end of July, prior to the Bitfinex hack that sent prices crashing after a theft of approximately $72 million USD in bitcoin at the time. At the time of publishing, the Coinbase price chart shows bitcoin trading at $664.68. The number is easily indicative of a 3-month high, for the cryptocurrency. As has been the trend in recent times, market speculators point to the devaluation of the Chinese Yuan as the driving factor for Chinese investors to choose bitcoin, instead of a....
Yuan increased by almost 1% against the dollar last night as overnight borrowing costs in Hong Kong rose to 96%, according to Reuters, surprising observers and sending bears for cover. Around the same time, after surpassing gold parity and reaching an all-time high of nearly $1,300, bitcoin flash crashed in a sell off run to $990. Price Falls by $300 as Yuan Strengthens. Although there is no confirmation of a direct intervention by the Chinese government itself, there were reports they may order their state-owned companies to sell their foreign reserves to halt Yuan’s 7% decline. Moreover,....
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:....