“The yuan is cheap,” writes Peter Brandt in his Twitter. Most likely, he didn’t want to touch the cryptocurrency market in this tweet, however, did.
Many people currently believe that one of the main reasons for the growth of bitcoin is “economic confrontation” initiated by Donald trump against China.
The essence of the event is that trump raised the duties on goods imported from China, provoking a similar response from XI Jinping. Based on some news also reveals that the leader of China deterred local investors from the Yuan because of its devaluation due to the economic war. On this basis, some analysts suggested that Chinese investors have started to use bitcoin for hedging the risks associated with falling national currency.
When Peter at Brandt published a chart of USD/CNY, price fell, which caused his sarcastic comment about “cheap Yuan”. However, now USD this pair is growing.
According to reports the BBC, more than 173 major us Shoe manufacturers, including Nike and Adidas, have signed a letter to Donald Trump asking to stop the “economic war” and to return to duties on goods from China to the average to avoid catastrophic consequences for consumers.
Because of this news, the USD started to grow. Earlier, when the price fell CNY, bitcoin expensive. Perhaps now it will also follow CNY.
In addition, some analysts warned that bitcoin may be corrected before going beyond resistance at $8,000.
Message U. Today — the impact of the USD/CNY to bitcoin appeared first on crypto.by.