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Bitcoin price LIVE: BTC rising as Trump’s trade war brings China back to crypto

Bitcoin price LIVE: BTC rising as Trump’s trade war brings China back to crypto
26 Jul
9:17

8.30am HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,276 this morning with ethereum rising to $482 and ripple surprisingly flat at $0.46.

Was the recent bitcoin price rise sparked by events to the east?

With President Donald Trump tweeting his fury at China over intellectual property rights and trade deficits, wealthy Chinese nationals were busy stashing their cash in bitcoin according to Clem Chambers, the CEO of ADVFN.

Writing in Forbes, he said: “If the trade wars go into meltdown, then bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the yuan-denominated super-rich move to be hedged from the wealth privations of devaluation.

“Bitcoin, not gold, is and will be the asset they will run to first.”

Mr Chambers told Express.co.uk: “The Chinese currency, the Yuan, is being devalued to combat Trump’s tariffs. To get around Chinese exchange controls, rich and influential Chinese are buying Bitcoin to get out of their depreciating currency, which looks likely to keep falling in value.

“Bitcoin’s recent surge came two days before China accelerated its devaluation process. This is no coincidence.”

Matthew Greenspan of eToro claims that the surge above $8,000 came from elsewhere in East Asia.

He said: “Take a look at bitcoin volumes in Japanese Yen and Korean Won at the time of the surge (13:30 – 15:00 on the chart).

“In contrast, USD volumes had only a small spike and USDT (tether) remained constant through the movement.”

On stashing the cash at times of crisis, he added: “Japanese traders know what’s up!

“Earlier this week Japan’s bond yields (blue line) had a massive spike on speculation that the Bank of Japan might take action. Bitcoin (green) has been flying ever since.

“What would you do if your central bank was trying to devalue your money?”

Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins.

Updates below throughout the day….

9.18am – On ETFs and bankers

Nicolas Gilot, Co-CEO of Ultra told Express.co.uk that despite the negativity from the likes of Warren Buffett and Jamie Dimon, “we’ve seen the majority of bankers welcome cryptos.”

He said: ”I think this shows that institutions such as BlackRock and big banks are getting ready for soft regulation, and it’s likely that ETFs for bitcoin or futures for ETH will become a reality soon.

“Whether they believe in it or not, they will most likely be willing to trade it. And ultimately, that’s positive for the crypto space, because with volume comes legitimacy.”

Read MORE: Bitcoin misses out on ‘$50k’ price spike with ETF uncertainty

Source: https://www.express.co.uk/finance/city/994460/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

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