• Home
  • Currencies
  • Funds
  • Rewards
  • Events
  • Careers
logo

Cryptorank News

  • Home
  • Currencies
  • Funds
  • Rewards
  • Events
  • Careers
News

IS CHINA LOADING UP ON BITCOIN AS YUAN GETS CRUSHED?

  • August 6, 2019

Bitcoin has had a monumental morning on the Asian trading session. With a 10 percent surge on the day BTC has reached a three week high while in China, the Yuan collapses to a 10-year low against the greenback. Are the Chinese loading up on bitcoin?


YUAN DOWN BITCOIN UP

As we have seen on countless occasions recently, trading in Asia is dictating market movements for bitcoin and cryptocurrencies. Just a few hours ago BTC touched a three week high of $11,850according to the CryptoRank charts. The move has added over 10 percent to bitcoin’s price in less than 24 hours.

There are a number of factors that could be driving the momentum fundamentally. One is the mass liquidation of short positions on BitMEX which has seen over $100 million dissolved over the last day as the bears get battered.

Another is the fall in the Chinese Yuan which has dumped below 7 against the dollar, its lowest level in a decade. According to a CNN report this morning, the Yuan weakened sharply after the People’s Bank of China set its daily reference rate for the currency at 6.9225. The central bank cited ‘trade protectionism and new tariffs on China’ as its reasoning for the slide.

US President Trump ramped up the trade war with a fresh round of tariffs on China last week. Devaluing its currency is one weapon China has against the US economically but it is not without risk. The weakening currency will increase fears about capital outflows from the country. Beijing has already slapped restrictions on moving money out of China so it appears that bitcoin has become the vehicle of choice.

Chief Investment Officer of Hayman Capital Management, Kyle Bass, is among several industry professionals to observe what is happening on crypto twitter today:

“CNH collapsing… HKD won’t be far behind. Mass Exodus of capital out of CNH and HKD. This collapse has just begun.”

Kyle Bass

✔@Jkylebass

GAMETIME – CNH collapsing…HKD won’t be far behind. Mass Exodus of capital out of CNH and HKD. This collapse has just begun. #china #hk #bankingandcurrencycollapse

View image on Twitter

3,059

4:41 AM – Aug 5, 2019
Twitter Ads info and privacy
1,710 people are talking about this

CNBC host and bitcoin bull Ran Neuner also echoed the sentiment a few hours ago before BTC starting pumping …

“China markets down 0,5%
Hong Kong Down 1,5%
Dow futures down 125 points.
Bitcoin up 5%.

We are entering a new cycle where Investors are moving into Bitcoin when equity markets fall.”

 

Ran NeuNer@cryptomanran

China markets down 0,5%
Hong Kong Down 1,5%
Dow futures down 125 points.
Bitcoin up 5%.

We are entering a new cycle where Investors are moving into Bitcoin when equity markets fall.

View image on Twitter

890

4:34 AM – Aug 5, 2019
Twitter Ads info and privacy
263 people are talking about this

The Chinese have been always been bullish on bitcoin despite the regime’s efforts to quash it, and in times of economic turmoil those bulls run even harder.

Will bitcoin price hit a new high on Chinese investment? Add your thoughts below.

You Might Like
Events, Press Releases

bepay money Powers Bitcoin 2140 Forum in Dubai, Bringing $10B+ in Bitcoin Holdings and 50+ Leading Projects

Events, Press Releases

Powerhouse VCs Join VietBUIDL Hackathon 2025, hosted by SSID and co-hosted by U2U Network

Events, Press Releases

bepay money Powers Invest Web3 Forum’s 3rd Edition in Dubai, Bringing $500B+ AUM Representatives and 80+ Investors

Leave a Reply Cancel reply

Recent Posts

  • bepay money Powers Bitcoin 2140 Forum in Dubai, Bringing $10B+ in Bitcoin Holdings and 50+ Leading Projects
  • Powerhouse VCs Join VietBUIDL Hackathon 2025, hosted by SSID and co-hosted by U2U Network
  • bepay money Powers Invest Web3 Forum’s 3rd Edition in Dubai, Bringing $500B+ AUM Representatives and 80+ Investors
  • India Blockchain Month 2025: Delhi to Lead the World in Web3, AI & Real-World Asset Innovation
  • The Landscape of Cryptocurrency Mining Equipment
Bitcoin Price by Cryptorank

Categories

  • AMA Recap
  • Analysis
  • Careers
  • CryptoRank
  • Currency Market
  • Education
  • Events
  • ICO Reviews
  • Investment
  • Mining
  • News
  • Press Releases
  • Uncategorized
  • Wallet
Market State by Cryptorank
Products
  • Exchanges
  • ICO’s
  • Web3 Crypto Portfolio
  • Alerts
  • Watchlist
  • Analytics
Contact us
  • List your ICO on CryptoRank
  • List your token on CryptoRank
  • Any questions: info@cryptorank.io
Recent Posts
  • bepay money Powers Bitcoin 2140 Forum in Dubai, Bringing $10B+ in Bitcoin Holdings and 50+ Leading Projects
  • Powerhouse VCs Join VietBUIDL Hackathon 2025, hosted by SSID and co-hosted by U2U Network
  • bepay money Powers Invest Web3 Forum’s 3rd Edition in Dubai, Bringing $500B+ AUM Representatives and 80+ Investors
© 2025 cryptorank.io