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Bitcoin, Ethereum & Other currencies on rise as Chinese Yuan declines

This morning Bitcoin trading took a very sharp edge & price spiked to 11,795.98$ as the time of publishing this…

By Decentralised Admin , in Blockchain Business International Technology War , at August 5, 2019 Tags: , , , , , ,

Bitcoin, Dollar, President Washington
Source : Pixabay

This morning Bitcoin trading took a very sharp edge & price spiked to 11,795.98$ as the time of publishing this article. Total market cap reaches it’s all-time high this week at $311,152,465,373 with a 24-hour volume of $68,967,224,465 & as usual bitcoin dominate the cryptocurrency market with 67.7%.

Source: Coin Market Cap

With the US & China trade war getting tense the impact is now clearly being transferred to the Chinese Yuan. The trade war now converting to the currency war as overnight Yuan declined 7% in the market. Rumors says that China is letting it’s currency down to overcomes the US tariff impact.

It’s also is a piece of bad news for the American exporters to China as the effect is considered equally important, as Yuan decline in value, the prices for Chinese consumers for all the US imports shoot right up.

The impact isn’t just stopping to USA & China markets it’s affecting the global economy. As US dollar strengthens the rising currencies throughout the world see massive declines, Pakistan has seen it’s all-time low currency rate with more than 20% decline in its currency. Same is the case with South Africa where currency plunges to 12% which is also an all-time high.

Investors all around the world will react to the strengthened dollar & other currencies will face high pressure, as the dollar moves higher in the international market.

So when the investors see uncertainty in fiat currencies, cryptocurrencies rise. So far an 8% increase is seen in the Bitcoin price & is expected to rise even more as the uncertainty & trade war continues.

However, in cryptocurrencies, things are riskier and people tends not to invest as Banks are trying everything they can to shut crypto down, because they fear that it may replace their market and may start printing cash & providing cards, etc.

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