RATE Group | Bitcoin Flirts With $12,000 As Yuan Struggles
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Bitcoin Flirts With $12,000 As Yuan Struggles

06 Aug Bitcoin Flirts With $12,000 As Yuan Struggles

Posted at 02:29h in Bitcoin News by

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Bitcoin gained today, pushing higher as the yuan hit a more-than 10-year low relative to the U.S. dollar. 

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Bitcoin has been flirting with the $12,000 level, fluctuating close to this price point for most of the day, as the Chinese yuan hit its lowest in more than a decade against the U.S. dollar. 

The digital currency reached an intra-day high of $11,940.48 around 1:00 p.m. EDT, up roughly 9% in 24 hours, before retreating somewhat, according to CoinDesk.

At the time of this writing, the cryptocurrency was trading at $11,772.95, down approximately 1.4% from its intra-day high, CoinDesk data showed.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] 

Chinese Currency Wars

When explaining bitcoin’s latest gains, several analysts pointed to global macroeconomic concerns, particularly the instability…

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