Bitcoin plunges as much as 20 percent as Chinese yuan soars

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Consequently, that same week, the value of the Chinese yuan rose sharply. This is because of the Chinese use bitcoin mainly for the security of their money. Currency fixation by the Yuan and bitcoin also accepted puts the yuan at risk of inflation, and bitcoin seems to be the best option especially considering the government has no control over it. When the Yuan loses value, more Chinese people convert their money into bitcoin for safe keeping, and this drives up the value of bitcoin. Following the January incident with the PBoC and bitcoin exchanges, the value of bitcoin gradually gained value in the following weeks.

Meanwhile, the Chinese yuan has lost value against many other currencies, especially the US dollar. If this happens, and most investors predict it will, the value of the US dollar will rise above the yuan, causing it to lose value. It is this anticipation that has led to many Chinese people to sell the yuan for bitcoin, which has increased the value of the cryptocurrency. Remember, it is the market sentiment that determines the value of an asset. The increasing value of bitcoin is similar to what happens to yuan and bitcoin also accepted in these situations, except bitcoin is more lucrative for several reasons:.

Many shops now accept bitcoin as payment, and bitcoin ATMs are widely available in China; so, bitcoin really is the best alternative to the yuan there. Stay up to date with the financial markets everywhere you go. What effect does this have? The increasing yuan and bitcoin also accepted of bitcoin is similar to what happens to gold in these situations, except bitcoin is more lucrative for several reasons: Comments 0 comment s Click here to cancel reply. Get the most recent news at your inbox Stay up to date with the financial markets everywhere you go.

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This BTCe trade api can be used to automatically trade on btce using their api. This function use REST endpoint which is described on Bittrex documentation. The people behind Bitfinex issue a virtual currency called Tether. Nobody knows how much of this increase is organic and sustainable, and how much is due to the market manipulation of Spoofy and others.

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