Topic: Explain the cause of Bitcoin 'not coming down' - page 3. (Read 436 times)
What is happening with China and USA can certainly affect the movement of Bitcoin. it is quite possible that investors are looking for a good alternative where to stake their money with and provide some safe haven...and Bitcoin is one of the most viable alternatives for now. Another contributing factor is that we are now entering the FOMO stage where investors big and small do not want to miss the bull ride. This can increase the speculations on bitcoin which in turn can help it solidify its position for more upswing moves. In the next few days and weeks, there can be some good news on the horizon that can influence the movement of bitcoin and the more that institutional money can be coming in. We can soon be in a frenzy with many influencers speaking positive reviews on bitcoin and even other cryptocurrencies too.
Countries wrecking each other somewhat helps pushes. Until Washington D. C. and Beijing don't agree to terms and continue their trade wars, the Chinese would find ways to bail out of the mess. While the USD Is continuously reaping the benefits, the Yuan is struggling to keep up with the pace and ends up compromising the value of their own products (as they always do). Anyway, after this trade war is at ease once more, the money earned from bitcoin has to go somewhere, and we all know that it isn't stocks or bonds as 2020 is predicted as the year of yet another financial crisis.
Explain the cause of Bitcoin 'not coming down'
China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?
In my opinion then with US trade - China is tense. Chinese investors are trying to drain their money to other assets like USD and Bitcoin, they think the yuan will continue to devalue. President Trump has increased taxes on China in the past 2 weeks, making the yuan 2% lower than the USD. Some people worry that China will reduce the value of Chinese currency to help cheaper Chinese goods to compete with US products despite tariffs. Therefore Hong Kong wealthy merchants are withdrawing money from China
Meanwhile, China is blocking people from selling the yuan and very strictly transferring money from the country, and Bitcoin is the only way. According to calculations by experts, 20% of Bitcoin trading volume comes from China
China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?
In my opinion then with US trade - China is tense. Chinese investors are trying to drain their money to other assets like USD and Bitcoin, they think the yuan will continue to devalue. President Trump has increased taxes on China in the past 2 weeks, making the yuan 2% lower than the USD. Some people worry that China will reduce the value of Chinese currency to help cheaper Chinese goods to compete with US products despite tariffs. Therefore Hong Kong wealthy merchants are withdrawing money from China
Meanwhile, China is blocking people from selling the yuan and very strictly transferring money from the country, and Bitcoin is the only way. According to calculations by experts, 20% of Bitcoin trading volume comes from China
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