NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist

Davit Babayan
Davit Babayan
1 year ago
2 mins read
bitcoin, bitcoin price

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit.

The chief economist told Financial Times that the recent run-up in the bitcoin price took place after the People’s Bank of China (PBoC) forced the value of the renminbi below $0.14 for the first time since the last financial crisis. The move increased the demand for bitcoin and similar perceived safe-haven assets – such as gold – higher.

“We have seen a big rally,” said Baig. “A falling renminbi is a serious use case for crypto. From now on it is another thing for markets to watch.”

The comments received support from the data provided by Babel Finance. The Beijing-based cryptocurrency bank reported a 50 percent volume increase in the regional bitcoin market over the past ten days. The firm also stated that the cryptocurrency volumes are on their way to the upside from over a month already.

What's driving bitcoin lower at the moment?

Could it be Yuan devaluation, trouble in Argentina, central banks, or other factors?

I have no idea, but here's a discussion I had today with @BLOCKTVnews that I hope you find helpful.https://t.co/r238UsTGtB

— Mati (@MatiGreenspan) August 14, 2019

Bitcoin: Destination or Tunnel?

Chinese financial regulators have banned the trading of bitcoin and similar crypto-assets, leading to the shutting down of several cryptocurrency exchanges. But that has not deterred investors in China from speculating on bitcoin. They continue to trade the cryptocurrency either by offshore accounts in Hong Kong and Singapore.

Investors’ reason to hedge their capital into bitcoin remains unclear. Many believe they want to circumvent the state-imposed capital control by using bitcoin, a non-sovereign asset, as a tunnel to convert a weaker yuan into a relatively stronger US dollar. At the same time, others think investors are long-term bullish on bitcoin, believing it is going to become the leading gold-alternative in terms of store-of-value.

bitcoin, bitcoin price
Bitcoin is Up More than 200% in 2019 | Image Credits: TradingView.com

Bitcoin has been given a boost this year by a string of strong monetary policies. In addition to the US-China trade war, a dovish stance of the US Federal Reserve, as well as the European Central Bank’s plans of quantitative easing, is turning investors away from weakening national currencies.

“Bitcoin as a hedge against runaway fiscal and monetary policy has – sort of – becoming the dominant paradigm,” Matt Hougan, global head of research at Bitwise Investment, told Barron’s. “I do think it is acting in that way.”

Hype

On the other hand, some analysts believe bitcoin’s growing correlation with the mainstream financial markets is false-talk. Peter Schiff, CEO of Euro Pacific Capital, said last week that Chinese are not buying cryptocurrencies as a measure against a weakening market outlook. The American stockbroker added that the speculators were manipulating the bitcoin prices to fit the macroeconomic narrative.

CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin. The Chinese aren't buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!

— Peter Schiff (@PeterSchiff) August 5, 2019

At press time, the bitcoin price is heading downwards below the $10,500 level after establishing its August high towards $12,325 on San Francisco-based Coinbase exchange. The move downward appeared amidst the Donald Trump government’s plans to delay imposing tariffs on some of the Chinese goods, including laptops, cellphones, and video game consoles.

Tweet123Share210ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin price news

The Bitcoin Liquidity Supercycle Has Just Begun, Says Hedge Fund CEO

Bitcoin punched through a fresh record above $122,000 on the morning of 14 July, extending its month-long rally to more...

Jake Simmons 4 hours ago
Bitcoin Price Attempts a Comeback

Bitcoin Price Hits $120K Milestone — Bulls Make History Again

Bitcoin price started a fresh increase above the $116,500 zone. BTC is now up over 2%, traded to a new...

Aayush Jindal 5 hours ago
Bitcoin price news

Bitcoin Price Crash Possible As Correction Sentiment Takes Hold — $110,000 Next?

After hitting a new all-time high of $121,400, the Bitcoin price has started consolidating once again, although the support continues...

Scott Matherson 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Crypto expert: Bitcoin koers gaat snel exploderen naar $250.000

Bitcoin Price Breaks 8-Year Resistance Line That Failed In 2017-2021

Scott Matherson 1 hour ago
미래의 암호화폐 가격을 예측하는 코인 선물 게임 출시

암호화폐 미래 가격 예측 ‘코인 선물 거래’ 주목…전 세계 이용자 급증

Soyeon Lee 1 hour ago
Stellar

Stellar (XLM) Set To Explode? 92% Rally Sparks Bullish Frenzy—Details

Christian Encila 1 hour ago

Premium Sponsors

Press Releases

  • 3 altcoina koja vrijedi pratiti u drugom tjednu srpnja 2025.

    3 altcoina koja vrijedi pratiti u drugom tjednu srpnja...

    1 hour ago
  • Mint

    Zak Manhire Launches Mint. io: A Web3 Gaming Platform...

    4 hours ago
  • アルトコイン急騰の今買うべき仮想通貨プレセール

    ...

    18 hours ago
  • 仮想通貨おすすめ|強気市場で爆発的成長が見込まれる注目のミームトークン

    ...

    19 hours ago
  • ...

    19 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.