• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin Hotbed China Is Now Leading the Fintech Race. newsbtc bitcoin news.

Bitcoin Price $800 Imminent; Boosted by China Capital Outflows

Gautham by Gautham
6 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Bitcoin has been going strong since the past few weeks. The cryptocurrency which was priced at around $640 in mid-October has surged past the $700 mark and now stands at $725, after falling to $690 briefly over the weekend. At the current pace, the price of Bitcoin reaching $800 is imminent.

coinmarketcap btc

As to the reason behind the recent increase in price, the largest since June 2016 is the constant demand for Bitcoin in the Chinese market.  Lately, China has been witnessing an increased capital outflow despite strict capital controls. According to available data, the country is leaking money for over two straight years due to weakening yuan. China’s foreign exchange reserves are said to be plummeting at a drastic pace as more people rush to buying foreign assets.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Most of the capital outflows are attributed to two factors: one, where the exporters from the mainland are keeping their money in offshore, and the other where people are buying Bitcoin to prevent their assets from depreciating with yuan; and also for cross-border investments and transactions.

With an estimated total of over $573.2 billion in the capital outflow from China this year (Citigroup Global Markets’ estimate), the half yearly numbers stood at around $286 billion. If the actual figures are in any way going to match the estimated numbers, then the demand for alternate currencies like Bitcoin is expected to only go up during the last two months of 2016.

trading economics

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Last month, Goldman Sachs warned China stating that the country’s outflows may be worse than it appears to be. As yuan hit a 6-year low in October, the country continues to tighten its capital controls which may have driven not just the individuals and investors but also corporates to Bitcoin as the fear of depreciation looms over Chinese yuan.

The continued increase in demand for Bitcoin from various segments of the Chinese population will continue to reflect in the upward movement of the digital currency’s price. It is just a matter of time before Bitcoin reaches $800 mark.

Ref: WSJ |CNBC | Forbes | Bloomberg |Image: NewsBTC | Charts: CoinMarketCap | Trading Economics 
Tags: bitcoinBitcoin Newsbitcoin pricecapital outflowchinaNews
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

7 hours ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

8 hours ago
Solana

Solana Can Depreciate Further If It Doesn’t Breach Its Immediate Target

9 hours ago
Ethereum

Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?

12 hours ago
Polygon

Polygon Beefs Up Layer 2 Position, Gets The Edge In NFT Transactions Vs. Ethereum

17 hours ago
Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

17 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 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.