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However, after these activities, the price of Bitcoin has hardly changed. In contrast, the price of Bitcoin rose by 8. Evidence and Guess When interviewed by Coindesk, when facing the decline in the fixed exchange rate of the RMB, market experts have different explanations to the stability of the recent Bitcoin prices. Zivkovski even announced that the depreciation of the renminbi on Bitcoin was "usually mythical. He made upIt is said that although this has been widely used by mainstream media, his company does not know the cause.
Zivkovski added: "Bitcoin is just a kind of investment asset, any news about the depreciation of the renminbi, and the market that the market is increasingly looking forward to The actual needs of the RMB holders are truly stimulated. Another expert who talks about the role of psychology in the market is Arthur?
Actions can increase risk emotions, but only for international traders, not local buyers. He added: "The depreciation of the currency of the People's Bank of China will affect traders' bullish and fall emotional preferences. The fluctuations have published some ideas, emphasizing the high price fluctuations in the past few months.
As for where the Bitcoin will be in the future, the market experts interviewed by CoinDesk are not particularly optimistic. After the "rapid" climbing of the month, Bitcoin is now undergoing "the pressure of profit". But when we compare its performance to the Offshore RMB Futures market, however, we can see a striking resemblance between the two trends. What is the Offshore Renminbi Market Exactly? The Offshore Renminbi RMB market itself is a non-mainland China exchange setup originally in Hong Kong to facilitate extraterritorial trade with foreign countries.
This is important because not only does it safeguard the Chinese economy from recession if the world trade markets decline, but it also allows them to expand the reach of their currency to the global market. Play Now! Bitcoin vs. Weird, right? Could you be next big winner? Correlation, Coincidence or Something More? What we can draw from this, is that it definitely seemed that Bitcoin was front running the offshore RMB market for a number of months.
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