Bitcoin Price Volatility Returns due to Chinese RMB Devaluation

[kreslik.news]

Bitcoin has finally delivered some good opportunities for long term investors and short term traders. After being stuck for a while in a range around the $610 price level, Bitcoin jumped as high as over $640 or about 5% in the last couple of days.

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Assumed by most market watchers and cryptocurrency analysts to be the main driver for this Bitcoin rally is the collapse of the China’s currency. On Monday the yuan (RMB) fell to a new six-year record low against the USD which ... (read more)