Trade tensions & a devalued Yuan fuel up crypto demand among Chinese


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Trade tensions & a devalued Yuan fuel up crypto demand among Chinese

A yearlong trade conflict between the first- and second-largest economies of the world entering into its second year alongside a much-moderated Chinese Yuan trading above its previous benchmark 7/US dollar, have been amplifying demands of cryptocurrencies and crypto-related assets among the Chinese investors, officials of major crypto trading exchanges from Shanghai to New York to London said on Wednesday, the 14th of August 2019.

Besides, in a conference call with a press agency earlier this week, multiple officials of crypto exchanges and crypto researchers alongside a number of digital coin brokers had been quoted saying that they had been fathoming an upscaled activity at several crypto trading venues popular among the Chinese, adding that the over-the-counter brokers of digital coins, unlicensed traders of crypto related assets who usually act as a broker for both buyers and sellers, had seen much of the activities over the recent weeks.

Meanwhile, addressing to an increased activity in crypto-trading exchanges following China’s decision to devalue its offshore Yuan, a head of research at digital wallet firm, Blockchain, Garrick Hileman said, “We just know that there is a lot of activity, and for regulatory reasons it’s under the radar a bit.

” Nonetheless, while this report was being written, at late US trading hours, the original cryptocurrency, Bitcoin was wrapping up Wednesday’s (August 14th) market 7.64 percent down to $10,025.86, well on-course to post plunges for three straight sessions in a row.