Chinese Yuan gained 1% yesterday and lots of Bitcoin holders cashed out between $1000 and $1100.
This caused the drop in price to the $800 range.
The government is working hard to keep the value of CNY/RMB high.
With president Trump promising to change trade deals the next few months could cause a lot of uncertainty for the price of Chinese currency,
and there is no telling what effect this could have on Bitcoin.
It will be interesting to say the least.
Topic: China dictating prices - page 2. (Read 942 times)
Yes it is true that bitcoin has been a way for chinese people to place their money out of China. And that is why the government of China has placed a regulation placing a limit from 50,000$ down to 10,000$ annually,a limit amount on which the CHinese can send outside their country. If Chinese government had not placed a limit then possibly Chinese people will continue to purchase bitcoin then it will lead to economic crisis and collapse of currency. It will be good for bitcoin if they continue buying since it has greatly increased in price but it will be bad for their economy.
Due to money laundering cases soon China will leave Chinese Yuan and will replace it with fiat digital currency.
Due to money laundering cases soon China will leave Chinese Yuan and will replace it with fiat digital currency.
Many have mentioned that BTC is now used as a way for smart Chinese to transfer their money out of China as the Chinese RMB is continuing its devaluation systematically, is this enough to sustain the needs of BTC price growth?
I also think that many have made valid points that the price growth, if true, has been largely based on money transfer but very little life real case of e commerce and what not, is this unhealthy?
I also think that many have made valid points that the price growth, if true, has been largely based on money transfer but very little life real case of e commerce and what not, is this unhealthy?
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