Bitcoin Price Goes Out Of Bounds, Is It China Again?

Discussion in 'ESO - English Spoken Only' started by Saloni Sardna, Jun 16, 2016.

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  1. Saloni Sardna
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    Saloni Sardna Member Baru

    As we see, the bitcoin price is continuously rising over the past few weeks without showing any signs of debasement. We never got to see such drastic inclinations in price for almost two years. It has overthrown all the previous predictions and proved everyone wrong. The price was expected to rise but no one ever imagined that it would rise to such an extent. On June 13, 2016, the BTC price finally touched the $700 mark with a percentage rise of around 24%. The uprise is no doubt massive and unforeseen. And it has rubbished all the previous arguments and earlier prognosis that said the price could only reach around $650-680.

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    The bitcoin’s price growth has left everyone stunned and awestruck. People are wondering what might be the reasons behind this growth. And different people have different theories and explanations pertaining to the same. One such theory revolves around the next halving of bitcoin mining blocks which is going to take place next month around July 10 when the bitcoin mining blocks will be reduced to half. The halving of mining blocks is going to affect the current supply of bitcoins. And that is one of the reasons for its continuous upsurge. However, there are some other factors as well that drove its price to such a level.

    Depreciating Chinese Currency
    Many people are concerned that the depreciating Chinese currency, Yuan is the impetus behind this abrupt price growth. Heavy capital restrictions imposed on the currency by the government of China urged the Chinese citizens to invest their money in gold and bitcoins, thereby driving its price further and further.

    As per the reports of Coindesk, the people in China are buying more and more bitcoins in exchange of the Chinese Yuan. Consequently, the demand of bitcoin is rising in China. Furthermore, the devaluation of Yuan also added fuel to the fire. The Chinese currency is continuously falling against the US dollar. This is yet another reason why Chinese are taking interest in bitcoin, thereby driving its price further.

    Also read Bitcoin’s Price Breaks The Barriers, Crosses $500 Mark and Bitcoin Price Continues To Roar, Reaches Close To $600.

    For more visit:- https://www.digitalcoinsexchange.com/blogs/bitcoin-price-goes-out-of-bounds-is-it-china-again/
     
  2. lembing
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    lembing Member Baru

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    Chinese currency continues to fall against US , are there other currencies have the same case? If yes, bitcoin will rise and can't be stopped
     
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