Categories: Bitcoin Business

As Yuan (CNY) Takes A Hit, Bitcoin Rises Up To Shine

Click here to view original web page at en.businesstimes.cn
Signs of Chinese yuan and U.S. dollar are seen at a currency exchange store in Shanghai, China August 8, 2019.

The Chinese yuan's decreasing luster is not only sending jitters around global financial markets, but it also allows cryptocurrency to become more attractive as Bitcoin slowly climbs to a new high of $15,000.

China's yuan (CNY) collapsed to under-7 mark against the US dollar (USD) early Monday, it's weakest in over 10 years, triggering a domino effect in the stock market and causing a spike in government bonds.

Bitcoin (BTC) soared 10% as stocks around the world were jolted by the yuan's weakening courtesy of the US-China trade conflict. As the yuan falls, the crypto rises, said Nigel Green, DeVere Group Founder, and CEO.

The rise of the world's most popular digital currency is not a coincidence and proves its intrinsic value as a go-to safe cushion when the economy turns sideways. "During times of market uncertainty bitcoin realizes its reputation as a form of digital gold," Green pointed out.

One of the driving factors behind the crypto's upward momentum and as a safe-haven asset is it allows investors to bet their cash in digital form when the markets are unstable. With the rising animosity between Beijing and Washington, not to mention the Brexit case, the virtual currency could enjoy more inflows into investments in the coming weeks.

Tyler Winklevoss, one of the pillars of the Gemini Exchange, disclosed on Twitter that digital currency needs to breach the $10,000 barrier, and $15,000 is a crucial bet. Furthermore, Winklevoss is not the only advocate to project another increase.

Fundstrat co-founder Thomas Lee is certain that Bitcoin would easily move up within the $20,000 region. Oliver Isaacs, a crypto strategist, expects that the crypto could even rally near the $25,000 level before 2019 ends.

For Green, he believes that bitcoin - which has the same attributes as gold - has the capability to outshine the time-proven safe-haven yellow commodity as the ultimate protection in times of economic crisis "and as the world becomes increasingly digitalized."

With the United States now officially - and figuratively - dropping the bomb on China as a "currency manipulator", Green also believes that investors are now more inclined to run towards decentralized and more secure currencies like Bitcoin to protect their money from the instability now transpiring in the global markets.

Although cryptocurrency, at least for now, gives clear signs of safety, market observers estimate that different developments in the virtual markets could push the price of Bitcoin higher. BTC is "notoriously" unpredictable, yet its status becomes ever more appealing, especially when things around it lose theirs.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Luongo: Trump’s Not A 4-D Chess-Player, He’s A Very Simple Creature

Authored by Tom Luongo, Friday night used to be the ‘best night on television.’ But today Friday afternoon is becoming… Read More

5 hours ago

Overstock Still Focusing on Crypto Despite Embattled CEO’s Departure

Overstock was one of the first major companies that expressed extreme interest in utilizing and adopting crypto – an interest… Read More

5 hours ago

Symmetrical Triangle Pattern May Bolster Bitcoin Bulls

Over the past couple of days Bitcoin has found itself caught within a relatively tight trading range and has continued… Read More

5 hours ago

Overstock’s Patrick Byrne: the rise and fall of a blockchain pioneer

Patrick Byrne this week resigned as CEO of US online retailer Overstock. The move closely followed the announcement of disappointing… Read More

5 hours ago

Ethereum & Stellar’s Lumen Tech Analysis –26/08/19

It’s a bullish start to the day for the majors. Holding above key levels would support another breakout later in… Read More

5 hours ago

New tool for OTC trade is based on Ethereum smart contracts

Source: Wikimedia The decentralized platform AirSwap, a trade network driven by the Ethereum platform, launched a tool, called AirSwap Trader,… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More