Cryptocurrency went to the best results of the week from June, as a furtherdepreciation of the RMB has increased the demand for Bitcoin.
E-currency cost increased by 8.5% this week to $ 684.23 as of 11:04 in Hong Kong. This is the highest growth since June, when the value of Bitcoins has soared after the unexpected decision to leave the UK part of the European Union .
Who is the main growth factor is the devaluation of the yuan. The course of the Chinese currency against the dollar falls the fourth week in a row and is currently trading near a 6-year low. For Chinese traders buying Bitcoins is one way to protect yourself in the face of rapid depreciation of the yuan.
"In China, Bitcoin is seen as a hedge against the decline of the renminbi - in the words of Jack Liu, director of OKCoin strategy, one of the country's largest stock exchange cryptocurrency. - Strengthening of the currency should be expected at the end of the year. "
The exchange OkCoin Bitcoin trading at 4705.2 yuan. China accounts for about 90% of e-commerce exchange in the world.
According to analysts Goldman Sachs Group Inc, the depreciation of the renminbi, along with concern of investors about the economic prospects of the country, can support the demand for gold bullion.
Aurelen Menanteau, CEO Gatecoin Ltd., believes that against a background of strong demand from China and unexpected events, such as the victory of Donald Trump's presidential election in the US Bitcoin push above $ 700 before the end of the year.
"The election results in the US is likely to have an impact on the currency, as well as the increase in Fed rates, - says Menanteau. - Unexpected events in the coming months can also cryptocurrency push to new highs. At the same time the further devaluation of the yuan and interest among Chinese investors will continue to support the currency. "
Based on materials WELTRADE