The price of bitcoin has reached its highest price in 2016 to US $ 530 recorded in the houses of western China change while digital currency was quoted at 3585 yuan (546 US $). Meanwhile, the litecoin cryptocurrency also experienced a rise of more than 15% of its value in the early hours of May 27, reaching $ 4.65 LTC as a result of high demand in China.
The devaluation of the Yuan announced earlier this year is the major factor that has caused the high demands of bitcoins and litecoins in the homes of Chinese change. Because of the need for investors to support their capital to the depreciation of the national currency of China, the aforementioned criptomonedas have gained a significant increase in its price.
Analyses of the Yuan estimate that the controls exercised by the government of China on the currency will cause medium-term negative effects on its economy, while deemed to be readjusted conversion rates of Yuan with a devaluation of at least 15% of its current value.
SOURCE: Criptonoticias
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