Bitcoin Price Leaps to $740 as Chinese Yuan Weakens
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....
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On Dec. 15, the Chinese bond futures market suffered a record crash, plunging from 102 to nearly 94. Offshore yuan has also increased significantly after the Fed raised rates, rising from 6.9 to approximately 6.95 overnight. As the Chinese New Year approaches and outflows accelerate, the Chinese yuan will presumably weaken even more in the upcoming months, which will ultimately push the price of Bitcoin further. On Dec. 13, the price of Bitcoin reached a 34-month high, mostly due to the depression and devaluation of the Chinese stock markets and yuan. As weakening of the yuan continued,....
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:....
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....
The falling Chinese yuan has yet again led to a rise in the demand for Bitcoin among Chinese investors. Bitcoin price has picked up yet again. The price of the popular digital currency has crossed the $700 mark. Like always, even this time the increase in price is driven by rising demand among the Chinese investors. The latest developments in Bitcoin ecosystem is being closely watched not just by the cryptocurrency community, but also mainstream media and conventional financial institutions. Various leading news media outlets are reporting the surge in digital currency price, which is at....
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....