Chinese Yuan Reaches Lowest Value In Six Years As Downward Trend Continues
Despite efforts by China’s central bank to stabilize the Yuan in the past, they have utterly failed to do so. The value of China’s Yuan has been going down steadily over the past few months. That trend will likely continue, as the currency reached its lowest point since September of 2010. For now, it remains anybody’s guess as to how this scenario will play out long-term, but things are not looking optimistic. At the same time, China continues to be very bullish on Bitcoin, showing the need for alternative financial tools. Almost no day goes by without the Chinese Yuan weakening against....
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Over the past few days, there has been a growing demand for Bitcoin by Chinese investors. The Bitcoin price has surged because of this situation, and as more people start to see the value of cryptocurrency, this trend is likely to continue. The Chinese Yuan has seen its largest monthly decline since August of 2015, which comes on the heels of the Fed hinting at potential interest-rate increases. Additionally, this decrease was also caused by the PBOC cutting the fixing by 0.45%. Bitcoin, on the other hand, keeps gaining momentum while these woes haunt the financial ecosystem. Cutting the....
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....
Bitcoin price has seen sailing good winds lately, spiking early on October 11 from recent averages of $610-$615 to $630. Prices have seen support since, with a high of $649 on the Bitstamp Price Index, a number that hasn’t been scaled since the end of July. Bitcoin’s rise coincides with the continued fall of the Chinese fiat yuan, sinking to its lowest levels in six years this Monday. Bitcoin price surged to a 10-week high on Tuesday, following an increased demand from Chinese buyers who are stocking up on bitcoin while expectations for the yuan sank alongside the fiat currency. The yuan....
Investors flocking to Bitcoin explains the recent price increase of the popular cryptocurrency. In fact, it appears Chinese investors are driving the price up even further. Things are not looking all that great for the Yuan right now. After reaching an eight-year low overnight, investors are growing concerned about this fiat currency. Chinese banks slashed their forecasts for the exchange rate as well. A looming Federal Reserve interest rate hike is driving the Yuan down, and further lows are on the horizon. Anyone holding a portfolio containing Yuan will be more than concerned right now.....
The price of bitcoin in China surpassed two-year highs on leading Chinese exchanges today, as Chinese investors continue to seek safe digital havens for their funds. Last month Bitcoin Magazine reported that the continuous devaluation of the Chinese currency yuan (CNY) was increasing demand for bitcoin in China. The trend was strong enough to be noticed by the mainstream financial press, and The Wall Street Journal ran a story titled “Chinese investors buying up bitcoin as yuan falls.” Bitcoin Magazine contacted leading Bitcoin operators and exchange CEOs in China to take the pulse of the....