ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Bitcoin Demand in China High Even as Yuan Eyes Best Quarter on Record

9/18/2020

Comments

 

Bitcoin traders used to treat a weaker yuan as their cue to increase their exposure in the cryptocurrency. But it now appears they want to keep holding Bitcoin even against a rising Chinese currency.

That is visible in the cryptocurrency’s recent performance against both onshore and offshore yuan. According to data provided by CoinGecko, the BTC/CNY instrument grew 5.9 percent in the last seven days (and 6 percent in the previous fourteen days). The conversion rate for one BTC as on 0700 UTC Friday was CN¥73,958.

Bitcoin, Yuan, cryptocurrency, BTCCNY, renminbi

Bitcoin trades upward against the yuan in the last two weeks. Source: CoinGecko

2X Bid for Bitcoin

The Chinese capital flew steadily into the Bitcoin market even as the yuan inched towards its best quarter on record. The onshore-traded renminbi climbed 0.17 percent against the US dollar on Friday, taking its weekly strength to near 1.22 percent. It is now heading to log its best weekly performance since November 2019.

The yuan has rallied since late May 2020 as export growth and investor appetite for mainland debt have transported massive dollar inflows into China. That has resulted in a weaker greenback as the US dollar index (Symbol: DXY) now trades near its two-year low.

But despite the strong fundamentals for the yuan, traders in China are still keeping their other foot in Bitcoin and other hedging assets. Data on Paxful, a peer-to-peer crypto marketplace, shows people selling Bitcoin for as much as double the current exchange rate (for nearly $20,000).

Bitcoin, Yuan, cryptocurrency, BTCCNY, renminbi

Bitcoin ask prices in the Chinese market. Source: Paxful

It reflects a higher bid price against–what appears to be–growing demand for the cryptocurrency among investors with a long-term accumulation sentiment.

Blanket Against China’s QE

Away from the US and the European Union, China is currently running one of its most significant expansionary programs to date.

Beijing added a record CN¥5.2 trillion ($732 billion) through its social financing initiative in the aftermath of COVID-led March 2020’s market rout. It again surprised the market this month by injecting another CN¥3.58 trillion (~$520 billion) into its economy.

Atop that, an easing in the Shadow Banking sector led to creating some CNÂĄ71 billion in shadow debt.

That partially explains why Bitcoin remains a hot-topic among Chinese savers. As Beijing continues on its credit impulse and causes global reflation, it might drive the yuan lower through repeated quantitative easing exercises and boost exports.

Bitcoin expects to grow stronger in the Chinese market despite being banned as a tradable asset.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy, s&p 500, dow jones, nasdaq, gold

BTC/USD firm after a 200 percent rally. Source: TradingView.com

As more people choose to save less in yuan, their appetite for riskier assets, including gold, could fuel the global hedging bubble by some additional percentages. Meanwhile, the Federal Reserve and the European Central Bank would keep doing their bits to increase inflation.

The expansionary tactic might send more citizens into the safety of scarce cryptocurrencies.



Originally from Bitcoinist.com https://ift.tt/3hFqEKf
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.