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Main » 2016 » October » 24 » yuan cost falls - Bitcoin expensive: where the connection?
yuan cost falls - Bitcoin expensive: where the connection?


yuan cost falls - Bitcoin expensive: where the connection?

 On Monday, the price of Bitcoin has grown to nearly 3-month high - against the backdrop of the fall of the yuan to 6-year low on alternative assets in China demand rose.




From Friday cryptocurrency increased by 4% to $ 655.50, the highest level since July 29, according to data compiled by Bloomberg. On Sunday, the trading volume rose to nearly 7-month high of 5.5 million Bitcoins, data showed 

The growth of the value of Bitcoins has coincided with another period of weakness of the Chinese currency, which accounts for about 90% cryptocurrency trade. To date, the value of digital currency is close to the levels observed before the sharp decline in early August. 

"As to how strongly depreciate the yuan, investors will continue to treat the assets, which can save the cost and provide the ability to hedge risks", - noted in Huobi, one of the largest Bitcoin-exchanges in China. 

yuan Reduction accelerated this month as the dollar strengthened against the background of expectations of higher interest rates in the United States by the end of the year. The cost of Bitcoins has soared by 80% since the end of 2015 to a maximum of the last two and a half years at $ 777.01 on June 17. 

"The continuing devaluation of the Chinese yuan - one of the main factors of growth in demand for cryptocurrency" - says CEO of Bitcoin-exchange BitMEX Arthur Hays.


Based on materials WELTRADE




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