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$3,225.86 -9.78108
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$506.13 -11.40607
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$173.78 -16.46984
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Bitcoin
Bitcoin (BTC)
$63,195.00 -7.2093
Bitcoin price
Ethereum
Ethereum (ETH)
$3,225.86 -9.78108
Ethereum price
BNB
BNB (BNB)
$506.13 -11.40607
BNB price
Solana
Solana (SOL)
$173.78 -16.46984
Solana price
XRP
XRP (XRP)
$0.5835010 -4.64128
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000249 -10.74825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000064 -14.96939
Pepe price
Bonk
Bonk (BONK)
$0.0000205 -21.64984
Bonk price
Bitcoin
Bitcoin (BTC)
$63,195.00 -7.2093
Bitcoin price
Ethereum
Ethereum (ETH)
$3,225.86 -9.78108
Ethereum price
BNB
BNB (BNB)
$506.13 -11.40607
BNB price
Solana
Solana (SOL)
$173.78 -16.46984
Solana price
XRP
XRP (XRP)
$0.5835010 -4.64128
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000249 -10.74825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000064 -14.96939
Pepe price
Bonk
Bonk (BONK)
$0.0000205 -21.64984
Bonk price
Bitcoin
Bitcoin (BTC)
$63,195.00 -7.2093
Bitcoin price
Ethereum
Ethereum (ETH)
$3,225.86 -9.78108
Ethereum price
BNB
BNB (BNB)
$506.13 -11.40607
BNB price
Solana
Solana (SOL)
$173.78 -16.46984
Solana price
XRP
XRP (XRP)
$0.5835010 -4.64128
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000249 -10.74825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000064 -14.96939
Pepe price
Bonk
Bonk (BONK)
$0.0000205 -21.64984
Bonk price

Bitcoin Pump: Trade War Narrative Solidifies

News
Bitcoin Pump: Trade War Narrative Solidifies

One of the more popular justifications for the current bull market floating around the Internet is the growing hostility between China and the USA. Several experts and industry insiders believe Chinese investors are pulling their money out of the Yuan in anticipation of further depreciation, as reported by Forbes on May 15, 2019.

Chinese Investors Exploring Exit Options

It’s no news to anyone that China imposes strict capital controls and makes life miserable for investors seeking to pull their money out of the country. The restrictive capital policy, which has been in place for decades, is a primary reason investors are hesitant to put capital into the state, despite the abundance of opportunities.

Cryptocurrency industry veterans believe that investors in China are attempting to pull out of the Yuan and move into USD-backed stablecoins, Bitcoin, and other altcoins.

As American President Donald Trump finally implemented his long-awaited tariff plan, the Yuan depreciated nearly two percent over the past two weeks. China’s history with “dirty floating,” the practice of manipulating exchange rates beyond the accepted boundaries, has the global market anticipating further currency depreciation by President Xi Jinping to keep Chinese exports competitive despite the tariffs.

Phillipe Bekhazi, CEO of New York-based crypto trading firm XBTO, stated that he has spoken with several traders in Hong Kong who told him the stablecoin business is booming. Reportedly, citizens are trying to avoid the capital restrictions that come with traditional remittance. Asian investors especially prefer the stablecoin Tether (USDT), which has faced widespread criticism and is currently facing charges in New York along with its parent company, iFinex Ltd.

Since China banned exchanges in 2017, there are no public sources of liquidity; most trading happens OTC via social platforms like WeChat. OSL, a Hong Kong-based OTC broker, reportedly trades more than a billion dollars of crypto every month; the shortage of exchanges have made it difficult for Chinese investors to exit the Yuan.

Bitcoin Serving its Purpose

Bitcoin is being used in many countries to circumvent the corruption and authoritarian nature of global capital markets; as seen in China and Venezuela, it is helping people escape the will of controlling governments.

Recent reports suggest many reasons for the sudden bullish burst with the most common being the adoption of crypto by retailers and global investors seeking a safe haven from major geopolitical shifts. Decentralized cryptocurrencies have far fewer obligations to governments and individuals than fiat currencies; their ability to detach from traditional financial markets has proven to be a highly-valuable feature.

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