Yuan Keeps Falling, Bitcoin Stable, Eth Rises
Despite unprecedented intervention by Chinese authorities last Thursday by, according to speculation, ordering its banks to limit liquidity of CNY in offshore markets, sending the borrowing rate for shorting higher than 100%, causing the biggest one-day move in years and crashing bitcoin’s rally, the market appears to be unimpressed. As expected, Yuan’s value kept falling today, deprecating by 0.25% against the dollar, with the currency seemingly continuing to eye the significant psychological threshold of 7 CNY. Yuan Keep Falling, Seemingly Eyeing 7CNY. Interestingly, bitcoin has failed....
Related News
Kyle Bass, a hedge fund manager has predicted the value of Chinese yuan to fall by 30 percent, which may spell good news for the price of Bitcoin. Kyle Bass, a virtually unknown hedge fund manager who rose to fame after predicting the 2009 economic crisis has spoken again. According to one of the financial resource website, Kyle has predicted the Chinese legal tender, yuan to drop by about 30 percent. How accurate is his prediction? That is something only time can tell. If for some reason Kyle Bass’ predictions did indeed come true, then the free-falling yuan may spell some good news for....
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 Bitcoin price, which saw a 32% increase in value from May 20th to May 26, has slowed to a halt. On May 20th one Bitcoin was worth $444, and on May 26th one was worth $587. This volatility has not been uncommon in Bitcoin's history. Bitcoin has seen numerous rises and falls in value. Speculations have arisen about the cause of this increase. Volatility. [dropcap size="small"]Bitcoin has seen numerous rises and falls in value over short periods of time. The roller coaster value is often attributed to good or bad news. For example, the value drops when people believe that China will ban....
The Digital Yuan is imminent. The time for Central Bank Digital Currencies is near us. Sooner than later, CBDCs will be the norm. And the Digital Yuan will break ground. Here’s what this means for Bitcoin and why the two assets are directly opposed. The Petro And The Digital Yuan Easily monitored programmable money opens […]
Yes, the weakening yuan is responsible for the rise in the price of Bitcoin. But what about some other efforts that have been playing complementary roles to push the top digital currency's price to a level that is far higher than what we have experienced in previous years? And with the look of things, the reality is: these contributing factors are the mainstay of what is keeping the price of Bitcoin stable and unwilling to give in to any form of reversal. Bitcoin’s price has gone up $100 in a month from about $605 as at September, 30 to up to $705 by October 28 - as at the time of this....