Bitcoin Price Not Hitting Highs Unless Trade War Escalates
Bitcoin’s prices have been linked to emerging markets, including the Yuan, and it is unlikely the Chinese currency will move enough to cause investors to flood into bitcoin, this according to Christopher Vecchio, senior currency strategist of DailyFX.com.
“Now, over the past month, the currency with the highest correlation to bitcoin has been the Yuan. The fact that we’ve seen the Chinese Yuan weaken so significantly as these trade wars fears have increased has been that catalyst needed for bitcoin to rally,” Vecchio told Kitco News.
A return to December 2017 highs for bitcoin is unlikely, said Vecchio, as that would imply a Dollar-Yuan rate of past 7, signaling a “world on fire” type of event that necessitates a major escalation of the trade war to a new “realm altogether”.
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit http://www.kitco.com/
Follow us on social media:
Facebook - https://www.facebook.com/KitcoNews/?ref=br_rs
Twitter - https://twitter.com/kitconewsnow
StockTwits - https://stocktwits.com/kitconews
Live gold price and charts: http://www.kitco.com/gold-price-today-usa/
Live silver price and charts: http://www.kitco.com/silver-price-today-usa/
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subs....cription/newsletter.
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.