Bitcoin Price Surges Amidst China’s Economic Turmoil

Asia Blockchain Review
August 13, 2019
Bitcoin Price Surges Amidst China’s Economic Turmoil

Bitcoin (BTC) price has been soaring past $11,635 over a weekend, an increase of approximately 12%. The rise began early Monday (5 August) morning, as the Chinese Yuan rate significantly dropped against the US Dollar, trading at 7 yuan per dollar for the first time in over a decade, according to a report by Cointelegraph.

According to CoinMarketCap, Bitcoin’s value now accounts for nearly 70% of the global crypto market, which has the total value at $207 billion.

Traders are Optimistic to Expect a Higher Price from Bitcoin

The recent market activities have led crypto investors into believing that this bullish from Bitcoin will continue. 

Daily trader Josh Rager was cited commenting about the short-term prospects, “The next overhead resistance on the weekly chart is $11,469. Very bullish if price breaks and closes above this level over the next week.” 

According to Rager’s tweet, he gave a remark saying, “Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.” 

Altcoins Remain Inferior to Bitcoin

Although Bitcoin is rising in price, other cryptocurrency prices are slowly increasing, failing to capitalize on market sentiment. 

While BTC/USD showed a gain of 7.8% in just 24 hours, the largest altcoin Ether (ETH) could only reach $227 with a 3.9% increase. This number represented a breakout from a trading corridor between $200 and $223 where ETH/USD traded for more than a week.

Bitcoin’s rise is partly resulted from news of large firms like Facebook getting involved in the crypto space, with the social network giant having announced its plan for launching a cryptocurrency dubbed Libra back in June.

Source: https://cointelegraph.com 


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