Yes, the weakening yuan is responsible for the rise in the price of Bitcoin. But what about some other efforts that have been playing complementary roles to push the top digital currency’s price to a level that is far higher than what we have experienced in previous years? And with the look of things, the reality is: these contributing factors are the mainstay of what is keeping the price of Bitcoin stable and unwilling to give in to any form of reversal. Bitcoin’s price has gone up $100 in a month from about $605 as at September, 30 to up to $705 by October 28 – as at the time of this publication – and there has been a growing volume of daily Bitcoin transactions. It may be too early to say, but the price of Bitcoin has been following a growing trend that have has difficulties in reversing back to its original lowest price of take-off. Some factors – such as the weakening Chinese yuan – push the price to a bullish stage then relax their grip on the market. Notice that when the effect of such factors subside afterwards, the price of Bitcoin doesn’t get to revert to its initial point before the main push. These are some of the reasons that could likely determine the sustainability of such a new price point in the coming days. Weakening Yuan First thing first, the China effect is going to continue in the next couple of days – or weeks. According to Bloomberg , the Chinese currency’s share of global payments surged to 2% in September, the highest since January, according to data from the Society for Worldwide Interbank Financial Telecommunication. The nation’s exports unexpectedly shrank the most in seven months in September, according to official data. This is […]
