Current Bitcoin Price Trend Hints At Future Yuan Devaluation
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....
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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....
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....
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....
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....
The bigger question is how consumers and enterprises can protect against this volatility in the coming years. The Chinese Yuan has been a topic of multiple debates in the past few months. After months of deliberate devaluation, things are still looking very bleak for the future. In fact, it appears the pessimism surrounding this national currency is only growing worse every month. Such an uncertain future can push even more people to Bitcoin and cryptocurrency next year. China is not doing all that well in the financial department as of late. Further depreciation of the yuan is expected in....