RATE Group | Bitcoin Cautious as China Reduces Benchmark Rate
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Bitcoin Cautious as China Reduces Benchmark Rate

20 Aug Bitcoin Cautious as China Reduces Benchmark Rate

Posted at 13:28h in Bitcoin News by

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Bitcoin gave up its intraday gains as China’s central bank revamped its benchmark lending rate lower to tackle slowing economic growth.

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Bitcoin steady as global regulators set to discuss economic stimulus this week | Image Credits: TradingView.com

The top cryptocurrency dropped by $242, or 2.21 percent, to $10,705 as of 16:48 Shanghai time. The move downhill appeared in tandem with the Chinese Yuan, which too fell in the latter half of the Asian trading session against the US dollar. Mizuho currency strategist Ken Cheung noted that – at six bps lower, or 4.25 percent – the People’s Bank of China’s rate cut is too slim to move forex and stock market. Bitcoin’s downside move, therefore, appeared idiosyncratic than reactive to Chinese dovishness.

As its session’s high, the cryptocurrency was trading at $10,953 on San Francisco-based Coinbase exchange.

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