Author Topic: Explain the cause of Bitcoin 'not coming down'  (Read 3 times)

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Explain the cause of Bitcoin 'not coming down'
« on: May 16, 2019, 04:54:46 AM »
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