Markets News
Bitcoin may punish bulls if China raises the stakes in the ongoing trade war with the US, warns QCP Capital, as markets await a response to tariff hikes.
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Yuan News
The yuan is the primary unit of the renminbi – the official name of the Chinese currency. Chinese currency itself is also often referred to as yuan. The term “Chinese yuan” is mostly used to refer to renminbi by international finance institutions. Yuan is issued by the People’s Bank of China, which has total control over the currency. Yuan is currently one of the most traded currencies due to internationalization of Chinese businesses and the expansion of Chinese exports. Chinese yuan circulates in Thailand, Pakistan, Mongolia and some other Asian countries. As the Chinese economy grows, the yuan gathers more and more influence on international markets. The price of the yuan had a crucial impact on the cryptocurrency industry as most exchanges were Bitcoin to yuan interactions, operated through China-based crypto exchanges. However, due to the large number of regulations, the Chinese yuan lost most of this impact on Bitcoin after 2017.
- Price Analysis
Bitcoin price shows strength despite persistent weakness in global stock markets. Will altcoins follow?
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A weaker yuan could mean a lot of Chinese capital flow into Bitcoin, according to Bybit’s Ben Zhou.
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No need to download or pull up an app to pay with the Chinese CBDC on Huawei phones now.
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The Chinese CBDC’s “controllable anonymity” seems to be very highly controlled.
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While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong.
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Bitcoin has passed a new all-time high against the euro, breaking a value of 60,000 euros for the first time in history.
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The app differs from the official version in subtle ways and steals users’ money and sensitive information.
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Bitcoin price continues to soften, but $251 million in inflows to the spot Bitcoin ETFs is a show of the markets’ strength.
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China’s Belt & Road Initiative partners will get a cushy trade hub with lots of chances to use its CBDC under a Party development plan.
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The transaction was facilitated by the Shanghai Financial Exchange International Board.
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CBDC and de-dollarization saw major strides last week with the 1-million-barrel deal on the Shanghai Petroleum and Natural Gas Exchange.
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The government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promotions for the digital yuan.
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The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option.
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China’s capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto.
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