Bitcoin Price $800 Imminent; Boosted by China Capital Outflows
As capital outflow from China continues to increase, the possibility of Bitcoin reaching $800 seems to be more than ever. Bitcoin has been going strong since the past few weeks. The cryptocurrency which was priced at around $640 in mid-October has surged past the $700 mark and now stands at $725, after falling to $690 briefly over the weekend. At the current pace, the price of Bitcoin reaching $800 is imminent. As to the reason behind the recent increase in price, the largest since June 2016 is the constant demand for Bitcoin in the Chinese market. Lately, China has been witnessing an....
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That said, the Chinese government wants to crack down on Bitcoin-related capital outflows. Bitcoin has always been of keen interest to the Chinese crowd. Most people in China see cryptocurrency as can investment vehicle and use it for high-frequency trading. But with the current economic turmoil in the country, Bitcoin is a way to circumvent capital controls. Singapore-based newspaper The Straits Times seems to agree with this sentiment, as they dedicated an entire article to Bitcoin. The Chinese government has to address many different problems at the same time. One of their biggest....
US Treasury data combined with PBoC reporting suggests that China's foreign currency reserves experienced a strong decline in November. There are several explanations and some see bitcoin to be the beneficiary. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get 29USD off! Economic Indicators. World Indexes and Forex Rates. Commodities. In the Calendar This Week. Fed Rates Announcement. Mon 14 December. N/A. Tue 15 December. N/A. Wed 16 December. USD FOMC Economic Projections. USD FOMC Statement. USD Federal Funds Rate (expected:<0.50% previous:<0.25%). USD FOMC....
While Bitcoin price has been rather calm as of late, the return of Bitcoin volatility could be around the corner as China introduces new capital controls. China Tightens Grip on Capital. Confirmation is coming out of China that new regulations are being placed on how businesses move capital in and out of the country. Considering the impact of China on Bitcoin, the price could be due for another spike. One source familiar with the matter told Reuters: “The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth $5 million or more and is stepping up scrutiny....
A look at what increasing capital outflow from China suggests about bitcoin adoption, and what implications a Chinese slowdown might have for the bitcoin price going forward. At the end of last month, we learnt that Chinese capital outflows during 2015 totaled $676 billion net. The data marks only the third net capital outflow since the turn of the millennium, and by far the biggest, with the other two coming in at less than $140 million net (2012,2014). The outflow comes against a backdrop of wider economic weakness in China and emerging markets, and quantifiably highlights China’s....
Analysts have warned that China’s capital outflows are accelerating while the yuan is depreciating sharply. They predict the situation to worsen in 2017. Bitcoin.com asked Spencer Bogart, Equity Research analyst at Needham & Company, how China’s situation could affect bitcoin. Yuan Headed for Biggest Decline in Over 20 Years. Goldman Sachs recently....